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A new study by NAB unveiled the things Australians are willing to sacrifice to get on top of their finances this year.

The survey found out of 2,000 respondents around 26% of Australians are open to postponing travel plans this year while 17% are keen to prioritise financial wellbeing over weight loss or cutting down their time on social media.

NAB executive for everyday banking Paul Riley said younger Aussies are taking a keen interest in their finances, and are actively looking for ways to achieve financial wellbeing this year.

Also read: Mortgage resolutions of Australian borrowers and refinancers

“About 30% of people aged 18 to 29 people say they’d sacrifice travel to get on top of their money in 2023 — this is particularly interesting given millennials and Gen Zers are digital natives who are often very driven by experiences like travel," he said.

To ensure that their goals are met, around two in five Australians are planning to cut on their spending for eating out and getting the latest fashion trends.

Here are some other highlights of the study

  • Around 13% said they have no financial goals at all.
  • Roughly 7% are not prepared to cut any expenses.
  • When it comes to entertainment, cosmetics, ride share services, and gym memberships, those living in regional areas are more prepared to cut spending.
  • Women are more willing to reduce spending on eating out, clothes, and household items than men.
  • Younger Australians, women in particular, are more open to cutting their spending.

Mr Riley said the findings of the study indicate how much finance was top of mind for many Australians right now.

“It’s no surprise many people are willing to put other traditional new year resolutions aside to prioritise getting to grips with their money,” he said.

“Many of our customers are telling us they’re making changes given the current cost pressures.”

Interestingly, however, around 20% of Australians said money management is not a priority for them this year, despite the rising cost of living.

A recent study from Great Southern Bank showed that 94% of refinancers explored better home deals to manage increased costs of living amid rising interest rates.

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Photo by Mikhail Nilov from Pexels.

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