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 homeand are aiming to save $27,000 this year to put towards their deposit.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of November 30, 2023. View disclaimer.
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.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
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 November 30, 2023. View disclaimer.
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