Save
Physical fitness coming at cost of financial health
Many Aussies have kicked off the new year with plans to get fit and healthy, but nearly nine out of 10 aren’t budgeting for their resolutions.
Physical fitness coming at cost of financial health
Many Aussies have kicked off the new year with plans to get fit and healthy, but nearly nine out of 10 aren’t budgeting for their resolutions.
According to research by the Commonwealth Bank, Australia’s exercisers are set to spend more than $4.7 billion on health and fitness gear, with getting fit (57 per cent), healthy (57 per cent) and losing weight (56 per cent), the top three New Year's resolutions for 2018.
However, 89 per cent of Australians haven’t set a budget to meet their fitness goals.
Simultaneously, only 37 per cent of Australians plan to make financial fitness their 2018 goal.
“While we’re setting New Year savings goals for holidays or homes, nearly a third (30 per cent) of Aussies don’t think about how much they are spending on fitness goals; for example, 2.6 million Aussies admitted to buying sports or fitness equipment that was never used,” CBA executive general manager Clive van Horen said.
"Getting financially and physically fit can easily go hand-in-hand if people keep track of spending using simple tricks like researching before committing to health and fitness memberships, class passes or costly equipment – then using online banking to track spending while using apps to track steps,” he continued.
To keep on track in 2017, 20 per cent of Australians bought a fitness tracker, while 23 per cent of women found the inspiration to train online or through apps, saving trainer costs.
Looking to 2018, activewear is set to be Australians’ top purchases, as nearly a fifth (18 per cent) of respondents had this on their New Year shopping list.
An additional 17 per cent had trainers on their shopping list.
Of the 11 per cent who set a budget for fitness, 54 per cent of them plan to use online banking to keep track.
The CBA research revealed that Aussies spend $712 million monthly on health and fitness activities. That’s a $38 monthly spend for the average Australian.
However, younger Australians spend more, with Gen X spending $243.4 million and Gen Y spending $189.2 million.
While it comes with a hefty pricetag, more than one million health and fitness passes go unused in a year.
CBA said this is a “big contributor” to failure in meeting financial goals as only 36 per cent of respondents said they feel they get “good value” out of their fitness and health spending.
How to get fit without breaking the bank
Mr van Horen suggested exercisers avoid declaring “too early”.
He explained: “Instead of buying new equipment the day you make your resolution, look online first – investigate what kit your local club has or borrow a mate’s second hand or unused gear.”
Additionally, he said it’s good to remember that getting fit doesn’t need to be expensive. He suggested exercisers head out for a run, get friends together for a workout and consider downloading free apps or watch YouTube tutorials.
Finally, he said Aussie’s looking to shape up in the new year don’t wear themselves out.
“Be realistic with your goals, time and budget,” he said. “Signing yourself up to multiple activities can leave you thinly spread and hamper motivation, so be selective and clear about your fitness goals.”
Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. ...Read more
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. ...Read more
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
