The research showed that the most common savings goals Australians have in 2019 are to save for a holiday (54%), to buy a car (31%) and to buy a house or apartment (27%).
The survey also found that most Australians will use simple tips to achieve their savings goals with many wanting to set a budget (63%), create a savings plan (61%) and track their spending (49%) . In addition, one in five said that a visual reminder would help them achieve their savings goal.
Of those surveyed 80% believe that making their savings goal a New Year’s resolution will make them more likely to achieve their target.
Commenting on the findings, ANZ Head of Savers and Investors Shannon Peachey said: “The New Year acts as a fresh start for many Australians at a time when people often set goals for the year ahead.
“ People who create savings goals are more likely to be successful, especially if they make it very specific. Something that we have found helpful is when people make their goal visual by bringing it to life with a picture on their fridge or in their banking app,” Ms Peachey said.
Tips to stay on track with your financial goals in 2019:
- Set a clear savings goal with the date by which you want to achieve it
- Track your spending to see where you can save
- Create a savings plan capturing how and when you will add to your savings
- Keep your goal front of mind with a visual reminder i.e. vision board or mobile phone wallpaper
- Enlist a financial buddy who can support you in keeping on track with your goal
1 The study was conducted between 30 November - 2 December 2018 by YouGov Galaxy with a representative sample of 1,072 Australian adults aged 18 years and older. Data is weighted according to the latest ABS population estimates.