More than 14 million Australians have set a New Year's resolution for 2024
They're easy to make and even easier to break. New Year's resolutions are in for 2024 and Aussies are keener than ever for a fresh start.
We conducted a nationally representative survey of 1,039 respondents to find out what goals Australians have set for the year ahead.
How many Australians set New Year's resolutions?
Our research revealed 73% of Australians – equivalent to 14.8 million people -– have set a New Year's resolution for 2024.
Women (79%) are more likely than men (66%) to set goals for the new year.
New Year's resolutions are also more popular with younger generations. Only half (52%) of baby boomers have set themselves a resolution. This is compared to 92% of gen Z and 83% of millennials.
What are the most common New Year's resolutions?
Diet and exercise-related resolutions are by far the most common, with Aussies keen for a healthy start to the year. The survey found more than 1 in 3 (39%) have pledged to adopt healthier eating habits. 36% are motivated to improve their fitness, whilst 33% are committed to losing weight.
Rest and leisure are other common themes. 19% say they will strive to sleep more, while 17% commit to travel overseas. 1 in 10 (10%) intend to have a better work-life balance this year.
Women are overwhelmingly more likely to set resolutions to improve their health and their broader lifestyle. 46% of women intend to eat healthier and 38% hope to lose weight in 2024 compared to 32% and 28% of men. More women (38%) also commit to exercise more compared to men (34%). Also 22% of women commit to sleeping more and 12% intend to improve their work life balance, compared to 17% and 8% for men.
Health based resolutions are the most popular resolutions with millenials and gen Z. 57% of gen Z are committed to eating healthier, 41% for improving fitness and 33% to losing weight. For millenials, 44% want to eat healthier while 42% aim to improve their fitness and 38% would like to lose weight.
What are Australians' financial goals for 2024?
Aside from resolutions, the research also shows Aussies are planning to get on top of their finances this year. More than 4 in 5 Australians (83%) say they have set financial goals for 2024.
Saving more (54%), spending less (34%) and reducing expenses (21%) are the top financial priorities for some.
Others are aiming to build their wealth by investing more (18%), finding ways to increase their earnings (14%) and building up an emergency fund (13%).
Gen Z (94%) and millenials (91%) are the most likely to have financial goals for 2024, compared to 85% of gen X and 61% of baby boomers.
Millennials are most likely to want to save more money (60%), and spend less money (39%). Gen Z are also most interested in saving money (57%), spending less money (34%) and investing (27%).
How many people stick to their resolutions?
Setting unrealistic goals is a recipe for failure, and unfortunately, most New Year's resolutions end up being abandoned.
Research from the University of Scranton found just 8% of people achieve their resolutions, and even less conservative estimates put this figure at a dire 20%. According to global research conducted by Strava, January 12 is the date you are most likely to break your resolution.
How to stick to your resolutions
Be specific. You can't achieve your goal if you don't know what it means! Instead of saying you're going to "eat better", figure out what this means to you. Maybe your goal is to eat 5 servings of fruits and vegetables a day or replace soft drinks with sparkling water. Being specific will help you stick to your goal and track your progress.
Be consistent. Nobody is perfect, and it's okay to fall off the bandwagon every once in a while. The important thing is that you get back on track and keep looking forward. Getting down on yourself or dwelling on your lost progress will only make achieving your goal more difficult in the long run.
Take it one step at a time. You can't go from zero to hero straight away. If you're struggling with the money basics, becoming a share trading whiz might not be the best resolution for you. Focus on learning how to budget, and set up a dedicated savings account if you haven't already. Money management apps like the Finder app can make it easy to see all your money in one place and figure out where you could be saving money.
Saranga Sudarshan was an insights analyst at Finder. He has a PhD from the University of St Andrews in political philosophy. Previously he was a research analyst at Frost & Sullivan. Saranga loves cricket, sports analytics and the way data can provide novel insights.
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