Repaying debt has become a significant motivator for household savings, according to the Melbourne Institute Household Saving and Investment Report.
The report findings for the March quarter, released yesterday, showed repaying debt was an incentive to save for 31.1 per cent of surveyed respondents.
This was a significant increase from the 19.9 per cent recorded in the previous quarter.
The report also found that mortgage debt, along with credit card debt, is the most widely held form of debt for Australian households.
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