Almost half of all Aussies are worried about the future of their finances and one in four don’t plan for it, according to new NAB data.
With money and finances featuring in many New Year’s resolutions, it can be revealed three out of five Australians wish they could save more each month than they currently do.
NAB can also reveal four key money mindsets based on extensive research and customer interviews as thousands plan to use the new year to reset their finances and goals.
- 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.
NAB Group Executive Personal Banking Rachel Slade said the survey of more than 1,000 people 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.
“NAB’s money mindsets are a great way to identify how you think, feel and behave about spending and saving.
“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.
“NAB’s budgeting and planning tools like My Goals can help customers manage their finances so 2022 is memorable for all the right reasons.”
The research also found:
- 23% of people struggle to control spending.
- Aussies under 30 and the most digitally savvy are the biggest savers but also the biggest discretionary spenders.
- 60% have a budget of some kind, with almost 7 out of 10 reviewing it monthly.
- 9 in 10 use some sort of tool to manage their finances, with internet banking and banking apps the most popular.
NAB customer and Melbourne HR professional Jenny Le said she’d identified with different money mindsets at different points in her life.
“I used to be an impulse spender. After an achievement, like getting a new job, I’d buy myself a treat, like some shoes or a bag on the credit card, and take that out of my savings,” Ms Le, 29, said.
“My partner and I bought a house this year. Before we got a mortgage, I was more of a habitual saver. I’d put savings away for the sake of it without really having a goal. But since getting a mortgage, having to pay that and put money into the offset, I haven’t really been able to save for myself.
“Now I’m more of a goal-driven saver combined with a dollar stretcher. I get paid fortnightly and put away money for bills, mortgage repayments and the offset into different accounts straight away. I’m left with very little spending money for the rest of the fortnight.”
Ms Le, who has a credit card and everyday transaction account with NAB, said she and her partner recently did a budget together.
“It was quite confronting when you add up all those expenses together, but it helped us realise that we can’t be putting everything on the credit card,” she said.
