Money

Australians resolve to better manage their money in 2017

Published on January 8, 2017 9:11 pm, by

It seems that managing their money better is top of mind for Australian’s as we head into 2017. An incredible 96% of participants in MoneyBrilliant’s survey on New Year Resolutions had at least one resolution related to money.

Half the survey participants had a New Year’s Resolution to reduce debt, making it the most popular New Year’s Resolution about money.  Spending less and saving for a specific goal were also popular choices, both were resolutions for 46% of survey participants. One-third of participants also said they wanted to get their finances organised in 2017.

When it comes to the type of debt people are focused on reducing, mortgages and credit cards were streaks ahead. Surprisingly 12% of people said they want to repay or reduce a private loan, one taken out from mum and dad or a friend.

For those wishing to spend less, the most popular categories for trimming down were eating out and groceries. A small few chose entertainment, alcohol and coffee to spend less on.

The most common savings goals were for travel (31%), a safety net (27%) and house deposits (19%).

To stay on track to meet their 2017 resolutions a resounding 73% of Aussies surveyed said they planned on using a website or app to help them.

Related articles –

Taking control of your post-Christmas spending hangover
The top 10 ways we saved money in 2016
Laziness is costing Aussies $11.6 billion

 

 

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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