The NAB research revealed that 26 per cent of Aussies will put getting on top of their finances ahead of travel plans in 2023 and 17 per cent will prioritise it over weight loss or a resolution to cut down on social media.
To make their financial wellbeing a reality in 2023, four in 10 said eating out (41 per cent) and keeping up with the latest fashion (40 per cent) would be the first expenses they were willing to sacrifice.
But almost one in five Australians said money management wasn’t a priority for them right now, despite a rising cost of living dominating headlines.
NAB executive everyday banking, Paul Riley, said the NAB Economics research reinforced just how much finance was top of mind for many Australians right now.
“Many of our customers are telling us they’re making changes given the current cost pressures,” he said.
According to the research, about 13 per cent of Australians had no financial goals at all, while around 7 per cent weren’t currently prepared to cut any spending.
The report also found that fewer people living in capital cities were prepared to reduce their spending compared to those in regional cities or rural and remote areas, particularly when it came to entertainment, beauty products and treatments, ride-share services, and gym memberships.
Additionally, women were more willing to reduce spending on eating out than men (45 per cent versus 37 per cent), fashion and clothes (44 per cent versus 35 per cent), and major household items (36 per cent versus 30 per cent) and more young women than men were willing to stop or slow spending on eating out, fashion, and clothes or buying a new phone, TV, or laptop.
A lot more women aged 30–49 were also willing to cut back on eating out and beauty products and treatments, while for men, they were willing to sacrifice buying a second car or home improvements.
Mr Riley said young Aussies were taking a keen interest in their finances.
“About 30 per cent of people aged 18–29 say they’d sacrifice travel to get on top of their money in 2023, while about 26 per cent say it’s more important than reducing time on social media,” he said.
“This is particularly interesting given Millennials and Gen Zers are digital natives who are often very driven by experiences like travel.
“They’re also willing to give up or reduce things they’d normally spend money on to achieve those financial goals in 2023. Eating out (46 per cent), clothes (41 per cent) and alcohol (40 per cent) top that list.”
The NAB research was in line with a similar survey conducted by the Commonwealth Bank that found that Australians are looking to reduce expenses, increase savings, and lift their incomes as part of their New Year’s resolutions.
The research highlighted that 93 per cent of Australians have a financial goal for the new year, while 51 per cent said their top financial goal is to reduce living costs and expenses.
Half of those surveyed said they want to spend less on non-essential items while 41 per cent wish they were more disciplined to save more regularly and 41 per cent want to find ways to earn extra income.
