(Australian Associated Press)
Almost 70 per cent of Australians are making financially-focused New Year’s resolutions, with punters pledging to save $21 billion in 2016.
Westpac’s 2016 New Year Resolutions Report shows four in five of those people have an average savings target of $11,234 for the coming year.
The top reasons for saving cash are to travel or take a holiday and to build a rainy day fund.
Home-related expenditure was also a big priority, with Aussies aiming to buy a new home, renovate or save a deposit for a first home.
Westpac’s head of consumer deposits Elliot Smith said the results show people want to take control of their finances and start the year on the right foot.
“(They’re) considering a number of strategies to help them reach their goals,” she said.
“These include reducing expenditure, reducing impulse buys and creating a budget.”
Interestingly, the Retail Council predicts shoppers to spend the same amount, almost $21 billion, nationwide during the post-Christmas trading period from December 26 to January 15.
Westpac’s research indicates sticking to a resolution can be tricky, with three in five Aussies who made financial New Years plans in the past not reaching their goal.
On average, those surveyed kept their resolution for about four months.
The biggest reasons for breaking resolutions were unexpected expenses or a change in financial circumstances, not having enough willpower and setting unachievable goals.