Bunch of failures or just optimistic? finder.com.au New Years’ Resolution Study shows New Year novelty fizzles fast
- 2 in 3 people failed their New Years Resolutions
- More people are planning a health and fitness goal than any other resolution for 2015
- Interactive tool to help people choose a goal, pledge and share it online, and keep track
December 29, 2014, Sydney, Australia –One of Australia’s biggest comparison websites finder.com.au has launched an interactive tool to help people achieve their New Years’ Resolutions for 2015.
The tool was developed following a comprehensive study by finder.com.au, which found that most people (two in every three) don’t succeed with their New Years’ Resolutions. That’s an estimated 4.5 million Australians alone, who failed their 2014 goals .
More than two in five people (42 percent) are planning a New Years’ Resolution for 2015, which is over seven million Australians. Despite this, the majority (three in four) find it difficult to stick to their goals.
Out of those who did achieve their resolutions, three in four (76 percent) believe that sharing their goals helped reach them.
Michelle Hutchison, Money Expert at finder.com.au, said the New Years’ Resolution tool is designed to help people through their journey from choosing a goal to completing it.
“The most interesting finding from our study was that most people have never shared their New Years’ Resolutions yet the simple act of telling people can help you commit to them and stay on track.
“In fact, the study found that you’re more likely to reach your goals if you share them.
“We also know that the first few months are critical to starting a New Years’ Resolution according to the finder.com.au study, with 80 percent of those surveyed failing in the first three months.
This is why we have launched a New Years' Resolution interactive tool (www.finder.com.au/new-years-resolutions) to help people choose a goal for 2015, share their goals and keep track of their progress with updates throughout the year.”
The tool includes six key areas to choose from including health and fitness, education and career, money, hobbies, relationships, and travel, and each category includes 10 goals plus an option to write a goal. People can then pledge their goals, share them on social media, and choose to receive updates to help track their progress.
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“There's nothing worse than starting a New Year with no goals or too many goals and no way of achieving them. The start of a year is the perfect opportunity to reflect on the year that was, what you achieved and what you want to improve upon in the future.
“The easier it is to keep track of your goals and make yourself accountable by publicly committing to them and sharing them, the more likely you will achieve them.”
Reasons why people fail their New Years’ Resolutions
According to the finder.com.au New Years’ Resolution study, the most common reason for failing a resolution was setting impossible goals, with 35 percent of those who failed admitted their goals were too unrealistic.
One in three (33 percent) said they didn’t keep track of their progress while almost one in four (23 percent) forgot about it. One in 10 people claimed they made too many resolutions.
Those who are planning a resolution for 2015…
Less than one in five (18 percent) of those setting a resolution for 2015 plan to share their goals with their family or friends.
Sixteen percent of people are going into 2015 blindly, by not setting a plan on how they will achieve their goals.
Over half (51 percent) are planning to keep track of their progress but only 13 percent will use a reminder tool or progress tracker to help them keep track of their goals.
Almost two in three are planning to make their goal realistic for the New Year to ensure it's more achievable and only 7 percent are planning to invest financially in their goals.
“It’s likely that many people will fail their resolutions once again if they don’t make a commitment to achieving them by sharing them and setting a plan.
“You can’t set out to achieve something without thinking about how you will reach it. For instance, if your resolution was about health and fitness, make it part of your daily or weekly routine. If it’s about money, spend some time comparing your financial products.
“Use the free online tools available to make it easier to reach your goals and you’ll start 2015 on the right foot,” said Mrs Hutchison.
Top 5 resolutions for 2015 are about:
- Health and fitness – overwhelmingly, 58% of people are planning to make a health and fitness New Years' Resolution for 2015
- Money – 15% are planning a money goal
- Relationships – 8% have a goal about relationships
- Business and Career – 7% will focus on their careers
- Travel – 6% are planning a travel goal
Education was the least popular New Years' Resolution topic for 2015, according to the study.
Generation X (aged 35-54) find it more difficult to achieve their New Years’ Resolution than any other age group. Despite this, more Baby Boomers (aged 55-74) failed their 2014 resolution than other age groups, with too unrealistic expectations the most common cause.
Out of those who broke their 2014 resolutions, Gen X were more likely to have broken their goals within the first three months than other age groups.
Gen Y (aged 18-34) were more likely to share their goals with family and friends on social media and were also more positive about sharing their goals, with 72 percent claiming that sharing their goals helped achieve them or stick to them for longer. Gen Y were also more likely to use an online tool to help reach their goals, than any other group.
Gen X were more likely to head into their 2015 goals blindly, with 12 percent unsure of how they will achieve their goals. Baby Boomers were the most likely to have a plan.
2015 resolutions for each generation:
- Gen Y are the most career-focused and more are planning to focus on their relationships than other generations
- Interestingly, no Baby Boomers in the study plan to set a goal for their education in 2015. However, more Baby Boomers are planning to set health and fitness goals and start a hobby than other groups
- Money goals are more important to Gen Y than any other group
- Baby boomers will be the biggest jet setters in 2015, with more setting goals to go travelling than any other group.
- Hobbies and education were the least popular resolutions for Gen X, and fewer Gen X will have a goal about their relationships than any other group.
Men versus women
Women find it more difficult than men to achieve their New Years’ Resolutions, with 79 percent admitting they find it tough compared to 70 percent of men. Not surprisingly, more women failed at achieving their goals in 2014 than men, and women were also more likely to give up on their goals in the first three months.
Men were more likely to share their goals and more men believed sharing their goals helped achieve them. Men were also more likely to have a plan for their 2015 goals.
Women were slightly more likely to use an online tool to help reach their goals.
2015 resolutions by genders:
- More men are planning to focus on their careers, money and relationships in 2015 than women
- Slightly more men than women are planning to focus on their education
- Women are much more focused on setting a goal for their health and fitness as well as travelling than men
People in South Australia found it more difficult to achieve their previous New Years’ Resolutions than any other state, with 79 percent admitting it was tough. It was followed by New South Wales with 76 percent finding it difficult.
People in Queensland found it the least difficult to stick to their New Years’ Resolutions, followed closely by Western Australians.
South Australians were the biggest failures with their New Years’ Resolution goal of 2014, with 66 percent admitting they failed their goals, followed by 64 percent for both Victoria and NSW.
Western Australians were the most successful, with over two in five (43 percent) achieving their goals in 2014. Queenslanders held the second-highest success rate, of 37 percent.
Out of those who broke their 2014 resolutions:
- Western Australians were more likely to lose track of their goals
- Queenslanders were more likely to forget about them
- More people in WA admitted to making too many resolutions than any other state
- Those in SA set their bar too high compared to other states, with 45% admitting their goals were too unrealistic
- South Australians were also more likely to give up on their New Years’ Resolution within the first three months
Victorians were more likely to share their resolutions with family and friends than any other state, while South Australians were the least likely to share their goals.
Those in SA were the most positive about sharing their goals, with 57% stating that sharing them helped achieve them or stick to it for longer.
Out of those who are planning a resolution for 2015:
- South Australians were more likely to dive into 2015 without a plan
- Those in Western Australia were the least likely to share their New Years’ Resolution than any other state
- Queenslanders were the least tech savvy, with just 7% planning to use an online tool or progress tracker to keep track of their progress
- Queenslanders were also the least likely to invest financially in their goals
Resolutions for 2015 by each state:
- More people in NSW and QLD will be career-focused in 2015 than other states, while those in WA were the least career focused
- Western Australians were also less likely to have an education goal for 2015 than any other state, while education was most important in NSW
- Health and fitness was by far the most popular resolution area for 2015 across all states, however those in SA were the biggest health nuts, with 65% planning their 2015 New Years’ Resolution to be about health and fitness
- Those in WA were the least interested in taking on a hobby in 2015 while those in NSW were the most keen to start a hobby
- Money was more important in WA than any other state, with 17% planning their resolutions to be about money in 2015. Money was the least important to South Australians
- WA and VIC are more likely to make relationships their goal than any other state, while NSW and SA are the least likely to focus on their relationships in 2015
Tips on how to keep your New Years' Resolutions for 2015:
- Don't overload yourself: Be realistic with what you can achieve and don't set too many goals. It's ok to set more than one goal but if they are simple and attainable they will more likely be reached.
- Share your goals: Let your family and friends know about your resolutions by pledging it here:www.finder.com.au/new-years-resolutions – this can help you be accountable for your goals, help you commit to them and create a support network around you that can help you.
- Keep track: Use an online tool or set yourself reminders to ensure you keep track on your progress. By signing up to the free finder.com.au New Years' Resolution tool, you will be emailed alerts to help track your progress throughout the year.
- Make it happen: Don't just set some goals then forget about them. They won't happen unless you take action. If you are planning to save for something like a holiday, you'll need to review your finances, start researching the costs, set yourself a budget and work out how much you will need to save each month to reach it. Look at ways to help you reach your goal sooner such as cheaper deals online and high interest savings accounts.
- Set small goals throughout the year: If you have one big goal you set out to achieve, it probably won't happen all of a sudden by the end of the year. Most goals need small steps to reach the end goal.
- Experian Hitwise 2013, 2014
- finder.com.au commissioned the study, conducted by leading global research provider pureprofile of more than 2,000 Australian adults. Estimated figures based on Australian adult population (source: Australian Bureau of Statistics).
For further information
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.
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