Money management at the top of New Year's resolutions

author-avatar By
on January 04, 2022 Fact Checked
Money management at the top of New Year's resolutions

New research shows almost half of all Aussies are worried about the future of their finances and one in four don’t plan for it.

Research from NAB of 1,017 people found three out of five Australians wish they could save more each month than they currently do.

The research revealed 23% of people also struggle to control spending.

Australians under 30 and the most digitally savvy are the biggest savers but also the biggest discretionary spenders.

Three in five, or 60%, of Australians have a budget of some kind, with almost seven out of 10 reviewing it monthly.

Nine in ten use some sort of tool to manage their finances with internet banking and banking apps the most popular.

NAB Group Executive Personal Banking Rachel Slade said the survey highlighted how Australians wanted more control of their money. 

    "We know saving and spending New Year's resolutions are popular with our customers and 2022 will be no different as thousands of Aussies think about and plan their goals, hopes and dreams for the year ahead," Ms Slade said. 

    "For some people, January can be a financial hangover as we get out of holiday mode and assess the full impact of Christmas spending. For others, reviewing their finances is something they do at the start of every year. 

    The four types of spenders and savers

    NAB also revealed the four most common 'money mindsets' for the New Year.

    • Dollar-stretchers who watch how they spent every dollar and often struggle to make ends meet in the final days of a pay cycle.
    • Goal-driven savers who focus hard on achieving savings goals, but whose habits can change once they reach a milestone.
    • Impulse spenders who live for the moment, love having different experiences and don’t like thinking long-term.
    • Habitual savers who love saving money and get satisfaction, safety and security from watching it grow.

    "Our research and interviews showed money mindsets aren’t income dependant. Instead, they are influenced by major milestones like getting married, having a baby, achieving a financial goal or a change in financial circumstances," Ms Slade said.


    Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.


    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Online Saver (Amounts < $499999)

      4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      High Interest Savings Account (< $250k)

        4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Online Saver ($1-$100k)

          0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver

            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            BU Savings Account

              Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 25, 2022. View disclaimer.

              Image by Tim Mossholder via Unsplash

              Latest Articles

              Aaron joined in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.


              Be Savings smart.
              Subscribe for free money newsletters.

              By subscribing you agree
              to the Savings Privacy Policy