A new survey commissioned by Westpac has found that financial goals outrank relationship goals in 2021, with more than half (52%) focused on building their savings and one in three (30%) wanting to increase their investment portfolio.
The survey of more than 2,000 Australians found that those who are focused on building their savings have a goal of setting aside $22,536 to put towards travel (43%), purchasing property (35%), and buying a car (17%).
The research also discovered that 15% of those surveyed are saving up for their first home and are aiming to save $27,000 this year to put towards their deposit.
Westpac’s Head of Savings and Investments Kathryn Carpenter said the COVID-19 pandemic has brought about a renewed focus on financial goals.
“Everyone’s excited to leave 2020 and its challenges behind, and as we face into the new year, we’re seeing many Australians determined to start off on the right foot and get on top of their finances," Ms Carpenter said.
According to Westpac, nearly two-thirds (62%) of Australians accessed some form of financial support during COVID.
“This builds on the shift we saw from our own customers during the pandemic towards building positive savings habits, with use of savings goals increasing from the year prior where saving for a rainy day ranked as one of the most common aspirations.”
The bank also found that younger Australians are driving the trend of being more focused on finances.
More than half (60%) of Gen Z are considering saving for a first home, followed by future travel (41%), and paying for their education (36%) being more important than tying the knot (28%) or starting a family (22%).
Of course, with the oldest Gen Zers turning 24 this year, getting married and having kids isn't likely to be high on the agenda yet for that generation anyway.