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Bank surveys reveal a willingness to sacrifice spending on travel, fashion, and eating out.
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Aussies ‘will put financial health first in 2023’
04 January 2023
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More than one in four Australians will put financial health first this year and will sacrifice a night out in a new outfit to achieve it, according to NAB.
Its research revealed that 26 per cent put getting on top of their finances ahead of travel plans while 17 per cent prioritise it over weight loss or a resolution to cut down on social media.
To make their financial well-being a reality in 2023, four in 10 said eating out or keeping up with the latest fashion would be the first expenses they were willing to sacrifice.
NAB executive everyday banking Paul Riley said the research reinforced just how much finance was top of mind for many Australians.
“Many of our customers are telling us they’re making changes given the current cost pressures,” he said, with young Aussies taking a keen interest in their finances.
“About 30 per cent of people aged 18 to 29 people say they’d sacrifice travel to get on top of their money in 2023, while about 26 per cent say it’s more important than reducing time on social media,” he said.
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“This is particularly interesting given Millennials and Gen Zers are digital natives who are often very driven by experiences like travel.
“They’re also willing to give up or reduce things they’d normally spend money on to achieve those financial goals in 2023. Eating out (46 per cent), clothes (41 per cent) and alcohol (40 per cent) top that list.”
The research found women were more willing to reduce spending on eating out than men (45 per cent v 37 per cent), fashion and clothes (44 per cent v 35 per cent) and major household items (36 per cent v 30 per cent).
A lot more women aged 30 to 49 were also willing to cut back on eating out and beauty products and treatments, while men were willing to sacrifice buying a second car or home improvements.
NAB’s findings are in line with a similar survey conducted by the Commonwealth Bank, which found that Australians are looking to reduce expenses, increase savings and lift their incomes as part of their new year resolutions.
The research highlighted that 93 per cent of Australians had a financial goal for the new year while 51 per cent said their top financial goal was to reduce living costs and expenses.
Half of those surveyed said they wanted to spend less on non-essential items while 41 per cent wished they were more disciplined to save more regularly or wanted to find ways to earn extra income.
NAB’s research showed just 13 per cent of Australians had no financial goals at all, while only 7 per cent were not prepared to cut any spending.
Fewer people in capital cities were prepared to reduce spending compared to those in regional cities or rural and remote areas, particularly when it came to entertainment, beauty products and treatments, ride share services, and gym memberships.
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