Our savings goals are more important than holidays, survey finds

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 19 June 2024

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

    5.35% p.a. (for $0 to $250,000)

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

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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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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^See information about the Mozo Experts Choice Savings Account Awards

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