How Australians save money
- Of those who make a savings resolution, 85% have a specific target in mind.(1)
- Average savings target is $11,234(1).
Top 3 savings goals(1)
- 53% holiday
- 46% rainy day fund
- 40% buy or renovate a home.
Other top money goals(2)
- Build wealth for retirement
- Pay off debts
- Set up a budget
- Get debts under control
- Invest in shares, bonds or commodities
- Buy an investment property.
Top reasons people break financial resolutions(1)
- 41%: Unexpected expenses or change in financial circumstances
- 27%: Lack of willpower
- 17%: Goal was unachievable.
How to become a successful saver
Tips and tricks people use to reach their savings goals(2*)
- 52%: Transfer spare funds to a savings account
- 21%: Set up auto transfers to a savings account
- 17%: Keep savings in an account they can’t touch
- 15%: Build up funds in their transaction account
- 11%: Deposit into their home loan offset account.
Use the savings goals calculator to reach your money goals
- Westpac, Financial fitness a top priority in 2016; Australians pledge to save $21 billion (January 2016)
- ME Bank, Saving for a holiday or car are the top financial goals for 2017 (December 2016).
* Note: Because this list does not include every technique people use to save money (and some people may use more than one technique), these figures do not add up to 100%.
Topic:- How Australians save money Produced by ASIC Smart Money and published on 7 March 2018. Original article.
Image: ASIC MoneySmart