Australians worried about their financial health

Peter Terlato 10 January 2017

Calculator financial health wallet money

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.

Aussies are intent on paying down any debt they might have (25%) and staying afloat financially (23%).

Aussies save money to pay for a holiday, put money away for emergencies and invest in property.

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.

Budgeting can go a long way towards helping you save money. Find out how to improve your finances.

We've also listed 10 helpful budgeting tips to save you time and money.

Latest bank account headlines

Picture: Shutterstock

Get more from finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question