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.


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

    Provider

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    High Interest Savings Account (< $250k)

    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Deposit at least $1,000+ each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month

    Savings Maximiser (<$100k)

    • Deposit at least $1,000+ each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    *Rate varies on savings amount
    • Deposit $500 per month to get bonus interest
    • No balance growth needed or card transactions necessary.
    • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
    • 5.50% p.a. available on total savings up to $100K.
    • 5.00% p.a. applies to savings between $100K-250K.
    *Rate varies on savings amount

    Save Account (>$100,000)

    • Deposit $500 per month to get bonus interest
    • No balance growth needed or card transactions necessary.
    • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
    • 5.50% p.a. available on total savings up to $100K.
    • 5.00% p.a. applies to savings between $100K-250K.
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 14, 2024. View disclaimer.

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