Our savings goals are more important than holidays, survey finds

By Tara McCabe · · 2 min read
Fact Checked
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Father and daughter put savings in jars.

Despite the prospect of international travel in 2022, it would seem that many Australians are more focused on achieving savings goals over the next 12 months than planning getaways. 

A new survey from FPA (the Financial Planning Association) has found that hitting savings goals is a top financial priority for more than 50% of Aussies.

FPA surveyed more than 2,000 Australians for its recent report called Money and Life Tracker: Freedom Edition. Of those surveyed 52% said they wanted to reach a savings goal in the next year, while 44% said they were keen to pay for a holiday. Around 32% were more focused on paying off a mortgage and just 16% said they wanted to start investing.

Lockdowns force financial health checks

The past 18 months have been a whirlwind. The global population has been in and out of lockdowns and movement has been restricted. While some have lost money as a result of ongoing business closures, others have saved money simply by not being able to eat out or travel.

Whatever camp you fall into, there’s a chance the pandemic has forced you to rethink your finances. FPA says a surprising silver lining to living in lockdown is that many Australians have chosen to take a financial health check and focus on things like reducing unnecessary spending, paying off debt and drawing up a budget.

In fact, according to FPA’s survey, around 26% of Australians have made changes to their financial situation since Covid-19 first hit.

Aussies increase savings in 2021

Three of the top changes Australians have made to improve their financial situation in 2021 include being more frugal with money, paying off debt and increasing savings. FPA found that 44.7% of people have been more frugal with their lifestyle choices in 2021 and that 44% of people have increased savings.

Around 23.6% of people surveyed said that in hindsight, they would have worked on building up their savings earlier. 

Is achieving a savings goal one of your top priorities right now? A top notch savings account with extra perks, could be one way to help you achieve that goal. These days lots of savings accounts come with things like automatic transfers, round-ups and spending insights to help you save more money.

Head to Mozo’s compare savings accounts page to see what options are available right now, or check out the accounts on offer below.

Compare savings accounts - last updated 6 December 2023

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Mozo Expert Choice Badge
    Savings Account

    5.50% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

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    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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^See information about the Mozo Experts Choice Savings Account Awards

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