Invest
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed.
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed.
MyState Bank has released survey results from 1,000 consumers, which have shown 48 per cent of respondents want to better manage their money by reigning in spending on discretionary items during the first six months of the new year.
MyState Bank general manager, customer experience, Heather McGovern highlighted a silver lining from the pandemic is Australians are starting to engage with their finances with three in 10 Aussies now looking to either start or maintain a budget.
“More consumers are actively questioning their needs versus wants at the checkout, and according to our latest research, aligning their financial behaviour accordingly,” Ms McGovern said.
“It is encouraging to see many Australians seeking out ways to build a financial buffer, whether that is by having a staycation, cooking more at home, or swapping the gym for outdoor exercise.”
The survey results also showed despite the recession technically being over, Aussies are still concerned about the economy, with many looking to pay down debts in the new year to protect themselves from future economic shocks.
“Paying off interest-accruing debt also proved high on Australians’ list of new year money resolutions, with one in five planning to pay off their mortgage faster. Meanwhile, 17 per cent of consumers resolved to tackle credit card and personal loan debt,” My State Bank’s results showed.
Not only are Australians looking to pay down debt, consumers are actively trying to find ways of saving money with 50 per cent of survey respondents said they were planning to spend less on travel over the next six months.
While the start of a new year is often associated with getting fit, MyState Bank research found gym memberships are on the chopping block with almost four in 10 Australians planning to cut the costs of working out.
“Despite life returning to some level of normality, our research shows the COVID-19 pandemic continues to impact Australian’s spending. For instance, the closure of gyms at the height of social distancing restrictions caused many Australians to invest in a home gym or complete workouts online. It seems some of these habits are carrying over well into the new year which can spell good news for our wallets,” said Ms McGovern.
Other major areas that consumers are likely to spend less on include gambling, toys and games, takeout and delivery including Uber Eats and Deliver, alcohol and cigarette consumption and skincare and make-up.
About the author
About the author
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?
Listen now
Will lockdowns halt the housing boom? Is the metaverse taking over? And the cons of lodging your tax returns early
Listen now
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Are property prices set to crash? Should you jump on board the fintok craze? And how to prepare for this tax time
Listen now
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
