Time to thrive: 15 million Aussies chasing money dreams
Australians are feeling super motivated to improve their financial wellbeing, according to new research by Finder.
A Finder survey of 1,062 respondents revealed 3 in 4 Aussies (75%) – equivalent to 15.6 million people – have set financial goals for the coming 12 months.
The research shows there's a raft of money objectives Aussies are manifesting – from paying down debt to supercharging their wealth.
2 in 5 Australians (40%) plan to cut back on spending, while 23% plan to tackle bad debts like credit cards and personal loans.
Nearly 1 in 3 (28%) are looking to reduce their expenses by switching products like insurances and utilities to get a better deal.
Rebecca Pike, money expert at Finder, said many are eager to take stock of their finances and improve their financial situation.
"Many Australians are under chronic money stress and want to make a change.
"Households sick of the cashflow dramas are looking for ways to boost their incomes and assets."
Finder's research found 22% plan to earn more money from a side hustle as wages struggle to keep up with inflation.
1 in 5 Aussies (20%) plan to build an emergency fund, while 19% have set a financial goal of getting a pay rise in the next year.
1 in 8 (13%) aim to invest more in shares this financial year, 8% plan to buy their first property and 5% have a second property/investment property in their sights.
This comes as 40% of Aussies say they have less than $1,000 in savings.
Pike said setting financial goals is a crucial step towards achieving financial stability and success.
"There have been some big events that have derailed household finances from interest rate rises to the skyrocketing cost of living.
"With determination to form new habits and a solid plan in place, there's no limit to what you can achieve.
"By making small changes to your spending and focusing on your financial goals, you can make 2024-25 your best financial year yet."
Finder's New Financial Year Challenge aims to help households fight back against the rising cost of living.
Across 8 modules, Aussies will learn how to cut costs and improve savings in everyday spending.
Finder crunched the numbers – the average homeowner could put a whopping $13,722 back in their pocket, while the average renter could potentially save $3,810 over a year by completing the challenge.
Pike urged Aussies to share their financial goals with trusted friends or family members.
"By sharing your financial goals with others, you're giving yourself a sense of accountability towards your goal."
Pike recommends setting multiple financial goals, some for the short, mid and long term.
"This allows for a sense of accomplishment and maintains focus on your goals.
"Keep track of your income, expenses, savings, and debt reduction every month.
"By monitoring your progress, you will know if you are on the right track or if you need to adjust your financial plan."
| Do you have any goals for the coming 2024/25 financial year? |
|---|
| Spend less money |
| 40% |
| Save money by switching products to get the cheapest product |
| 28% |
| Pay down personal debt (e.g. credit cards, personal loans) |
| 23% |
| Earn more money from a side hustle |
| 22% |
| Build an emergency savings fund |
| 20% |
| Get a pay rise |
| 19% |
| Invest more money in shares |
| 13% |
| Buy my first property |
| 8% |
| Buy a second (investment) property |
| 5% |
| None of the above, I don't have any goals for the new financial year |
| 25% |
| Source: Finder survey of 1,062 respondents, June 2024 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,062 respondents from June 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.
Check out Finder's New Financial Year Challenge here.