Australians worried about their financial health
Holidays, rainy days and property investment prioritised.
A new banking study has discovered the majority of Australians are anxious about their financial future in 2017, particularly housing affordability, household debt and the flow-on effects of the local economy.
Research commissioned by St.George Bank found personal finances were top of mind for most respondents (68.9%%) with savings (34%) ranking as the leading monetary priority.
A recent finder.com.au survey found Australian's leading new year's financial resolution was to pay off debt. Property investment, renovations and superannuation consolidation also made the top 10.
The study also revealed almost half of the respondents felt dissatisfied with their financial health in 2016.
Those aged 18-24 and 45-54 said they need $5,000 - $10,000 in savings to reach their financial goals.
While they may feel more financially secure, Aussies aged 25-44 feel they need to save more than $30,000 to be fiscally protected, while retirees aged 65+ need between $1,000 - $5,000.
What are the greatest financial challenges facing Australians in 2017? Curtailing discretionary spending (39%), reigning in any personal debt (29%), maintaining a comfortable lifestyle during retirement (28%) and banking enough savings for a home deposit (28%).
And how do Aussies think they can achieve these outcomes? The majority of respondents (55.9%) believed devising a budget and sticking to it was a winning formula.
We've also listed 10 helpful budgeting tips to save you time and money.
- Automobile club, RACQ, launches first bank branches today
- The Big Four banks have all dropped ATM fees
- Australians don’t trust the financial services industry
- United Nations will help reshape global finance to create a “better world for all”
- Macquarie Bank open banking platform a first for Australia