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Aussies "will put financial health first in 2023"
Bank surveys reveal a willingness to sacrifice spending on travel, fashion and eating out this 2023!
🟠 According to NAB, more than one-quarter of Australians will prioritize financial health over a night out in a new wardrobe this year.
The research revealed that 26% of people will prioritize their finances over vacation plans, and 17% prioritize resolutions to lose weight or cutting down the use of social media less.
Almost half indicated they would cut back on going out to restaurants and clothing purchases if it meant being financially secure in 2023.
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🟠 Paul Riley, executive director of NAB's daily banking, noted that the study provided more evidence that financial matters were top of mind for many Australians.
“Many of our customers are telling us they’re making changes given the current cost pressures,” he said, with young Aussies taking a keen interest in their finances.
“About 30 per cent of people aged 18 to 29 people say they’d sacrifice travel to get on top of their money in 2023, while about 26 per cent say it’s more important than reducing time on social media,” he said.
“This is particularly interesting given Millennials and Gen Zers are digital natives who are often very driven by experiences like travel.
“They’re also willing to give up or reduce things they’d normally spend money on to achieve those financial goals in 2023.
Eating out (46%), clothes (41%) and alcohol (40%) top that list.”
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The research states that women are more willing to cut back on spending than males for things like eating out (45% vs. 37%), fashion and clothing (44% vs. 35%), and major household items (36% vs. 30%).
The results of the NAB survey are consistent with those of a comparable survey performed by the Commonwealth Bank, which discovered that Australians' top New Year's resolutions include cutting costs, saving more money, and increasing income.
NAB’s findings are in line with a similar survey conducted by the Commonwealth Bank, which found that Australians are looking to reduce expenses, increase savings and lift their incomes as part of their new year resolutions.
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https://docs.google.com/spreadsheets/d/1GXAQa5vH7El-tcH3YJMVO73IkkHIqtZo3VdUeNICgZI/edit?usp=sharing
The research highlighted that 93% of Australians had a financial goal for the new year while 51% said their top financial goal was to reduce living costs and expenses.
Half of those surveyed said they wanted to spend less on non-essential items while 41 per cent wished they were more disciplined to save more regularly or wanted to find ways to earn extra income.
NAB’s research showed just 13% of Australians had no financial goals at all, while only 7% were not prepared to cut any spending.
Fewer people in capital cities were prepared to reduce spending compared to those in regional cities or rural and remote areas, particularly when it came to entertainment, beauty products and treatments, ride share services, and gym memberships.
Which is why we have prepared for you a free monthly budget planner so you can achieve all your goals this 2023!
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https://docs.google.com/spreadsheets/d/1GXAQa5vH7El-tcH3YJMVO73IkkHIqtZo3VdUeNICgZI/edit?usp=sharing
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