Aussies eye savings success as number one goal for 2017
Tuesday 10 January 2017
Article by Tom Watson
Whether it’s a trip to Asia or buying their first home, Australians of all ages have made saving money their foremost financial priority in 2017, according to a new study.
Nationwide research by St. George found that 34.5% of Aussies listed saving money as their top financial goal for the New Year, followed by paying off debt (25%).
General Manager for Retail Banking at St. George, Ross Miller, said it was encouraging to see Australians young and old thinking seriously about their future savings goals.
“As we enter the New Year, now is a great time to reassess your finances and commit to making positive financial goals that can help make a difference to your hip pocket,” he said.
It turns out young Australians are the most ambitious when it comes to saving, with the study finding those aged between 25 and 44 were aiming to put away $30,000 in 2017 in order to meet their home or investment property goals.
However, Mozo’s savings calculator shows that young Aussies will need to be diligent, by putting away $570 a week into the highest rate savings account on the market, to reach the $30,000 target.
“It’s no surprise to see that Millennials are keen to get their foot on the property ladder in 2017, while maintaining a lifestyle during retirement is really important for Baby Boomers,” said Miller.
Baby Boomers wanted to save between $5000-$10,000 on average, with travel topping the list of savings targets for those over the age of 45.
To meet a $8,000 target for a trip away at the end of the year, Baby Bombers would only need to save around $150 a week.
Miller urged savers to get started with their 2017 financial planning as soon as possible by creating and sticking to a personal budget.
“Once the festive season is behind you, it’s time to take a fresh look at your 2016 finances and with a bit of planning and budgeting, 2017 could be a financially rewarding year,” he said.
Do you have a big savings goal for 2017? Compare a range of savings accounts to find the rate which will help you meet your savings target.