ROOT
Living expenses prevent half of Aussies from saving money
Despite potential saving roadblocks, Aussies have acknowledged the importance of setting financial goals.
Living expenses prevent half of Aussies from saving money
Despite potential saving roadblocks, Aussies have acknowledged the importance of setting financial goals.
Half of Australians are unable to save money due to the cost of living, according to a new survey, with expenses such as rent and utility bills serving as major roadblocks.
The survey of over 1,000 Australians commissioned by 86 400 also found that 95 per cent of respondents understand the importance of having financial goals.
Younger Australians aged 18 to 34 rated having a savings goal and watching their bank balance grow as the most important factors in helping them save, but over 60 per cent said that their ability to save had been hindered by a lack of discipline.
Meanwhile, Australians aged 45 and above said that having a budget helped them save the most.
“While each generation may have a different approach to spending and saving, the power of financial goals in helping Aussies to save is undeniable,” said 86 400 head of everyday banking Belinda Stewart.
“By setting multiple saving targets, both short term wins and long term gains — people can set themselves up for success without having to live on a shoestring budget.”
Compared to before the pandemic, many respondents said they are now more likely to save, including over 50 per cent of those aged between 18 and 44 years old.
In terms of savings goals, 44 per cent of Aussies said they were saving for a domestic or international holiday in 2022 following long periods of lockdown.
Forty-seven per cent of Gen Z and 43 per cent of millennials were working towards saving for a house deposit, while investments such as shares and crypto were a saving goal for 21 per cent of millennials and 15 per cent of Gen Z.
A quarter of respondents said they were saving money for retirement, with a significant gender split identified between males (31 per cent) and females (18 per cent).
In contrast, 28 per cent of females were found to be saving towards a house deposit compared to 16 per cent of males.
Having enough money to live comfortably and cover emergency expenses were the biggest benefits of savings, according to 69 per cent of Australians.
“As a new year approaches, many Aussies are focused on getting back on their feet financially and in control of their money,” said Ms Stewart.
“Especially after the tough couple of years we’ve all had in lockdown, feeling good about our finances, how we spend and save is a priority for all.”
86 400 also found that Australians were split between two distinct saving approaches.
Thirty-eight per cent of the population described themselves as “sometimes savers” who cycle through stages of saving and splurging, while 35 per cent said they were “super savers” that follow a budget and remain focused on financial goals.
RELATED ARTICLES
Save
Financial stress among working Australians reaches decade high, AMP report finds
Financial stress levels in Australia have hit their highest point in 10 years, according to AMP's latest Financial Wellness report. Read more
Save
Teaching kids about money: Strategies for saving and financial literacy
Teaching children about money is a crucial aspect of preparing them for financial independence and responsible adulthood. In Australia, equipping kids with the skills to save and understand money ...Read more
Save
Are young Aussies being left behind in the pandemic financial recovery?
A new survey suggests that the financial wellbeing of Aussies under 25 has not recovered, unlike every other age group. Read more
Save
Over 4m households are feeling the pinch of financial pressure
The number of households experiencing financial pressure has increased by 10 per cent since the start of the pandemic. Read more
Save
Debt, bills and everyday expenses are roadblocks for Aussies looking to save
One in four adults are not able to set aside money to save. Read more
Save
Border reopening drives Aussies to save thousands for travel
More than half of Australians are currently saving to take a trip in 2022. Read more
Save
Pandemic-driven savings have helped improve financial wellbeing
The median savings balance of Australians has soared 42 per cent compared to before the pandemic. Read more
Save
How Aussies plan to improve their savings habits in 2022
Travel is the top savings goal of Aussies for the year ahead. Read more
Save
Financial stress among working Australians reaches decade high, AMP report finds
Financial stress levels in Australia have hit their highest point in 10 years, according to AMP's latest Financial Wellness report. Read more
Save
Teaching kids about money: Strategies for saving and financial literacy
Teaching children about money is a crucial aspect of preparing them for financial independence and responsible adulthood. In Australia, equipping kids with the skills to save and understand money ...Read more
Save
Are young Aussies being left behind in the pandemic financial recovery?
A new survey suggests that the financial wellbeing of Aussies under 25 has not recovered, unlike every other age group. Read more
Save
Over 4m households are feeling the pinch of financial pressure
The number of households experiencing financial pressure has increased by 10 per cent since the start of the pandemic. Read more
Save
Debt, bills and everyday expenses are roadblocks for Aussies looking to save
One in four adults are not able to set aside money to save. Read more
Save
Border reopening drives Aussies to save thousands for travel
More than half of Australians are currently saving to take a trip in 2022. Read more
Save
Pandemic-driven savings have helped improve financial wellbeing
The median savings balance of Australians has soared 42 per cent compared to before the pandemic. Read more
Save
How Aussies plan to improve their savings habits in 2022
Travel is the top savings goal of Aussies for the year ahead. Read more
More articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.