The financial squeeze on most Australian families from higher interest rates and inflation is leading to a great focus on managing the household budget better.
New research from Compare the Market has found that saving money is the top New Year’s resolution for Australians ahead of the new year… which is only the end of next month.
Topping up the piggy bank
Almost half of Aussies surveyed said they intended to save more money in the new year… up 7.1% in the last 12 months. The cost-of-living crisis seems to be hitting Gen Z the hardest, with three-quarters (76 per cent) saying they wanted to stash away more cash in 2024. By contrast, just 24.8 per cent of Baby Boomers, 46.4 per cent of Gen Xers and 68.2 per cent of Millennials listed saving as a top resolution.
With an ongoing energy crisis, higher fuel prices, rising rents and mortgage repayments going up for many, it makes sense that many Aussies want to see their piggy bank grow in 2024.
We’ve been hit with higher prices across the board and unfortunately, it looks like we could still feel this pain well into 2024. Some Aussies have seen their savings go backwards as they try to keep on top of rising prices and that’s the last thing we want to see.
Another top resolution for Aussies in 2024 will be living a healthier lifestyle, with 43.3 per cent of those surveyed admitting that they want to work out, eat healthier and improve their wellbeing. An additional 8.9 per cent said they wanted to cut back on smoking or drinking alcohol.
New Year, New Me
We’ve all heard the ‘New Year, New Me’ catchphrase and around two in five Australians say they want 2024 to be the year they focus on their health. Those with health insurance may not realise they could benefit their health by utilising the services and treatments available to them through their extras policy. Things like lifestyle programs, exercise physiology, remedial massage and dietician services may be included, so check your policy documentation and be sure to utilise everything you’re entitled to.
Cutting back or ditching smoking, alcohol or vaping may improve your health and help the hip pocket. If you spent $60 on these habits each week and gave up completely, that’d be an extra $3,120 in your pocket a year.
The research also revealed that more than one in four Australians have the resolution to go on a holiday, 13.7 per cent of people say they want to be more environmentally conscious and 11.7 per cent hope to get a new job.
It also found that Australians are making resolutions around:
- Buying a new home (10 per cent)
- Purchasing a new car (9.2 per cent)
- Finding love (9.1 per cent)
- Getting a pet (2.4 per cent)