More than a third of Australians are planning on using the income earned from the stage 3 tax cuts to pad their savings accounts, new data says.

Major bank National Australia Bank (NAB) has released its NAB Australian Wellbeing Survey Q1 report, revealing that 36 per cent of Australians are planning on saving the extra income they will be earning from stage 3 tax cuts rather than spending.

NAB surveyed more than 2,000 Australians in its NAB Australian Wellbeing Survey for the first quarter of the calendar year (ended 31 March) and found that 29 per cent of respondents believed that the tax cuts would support them with the increased cost of living.

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