Saving and slimming: 14 million Aussies have a resolution for 2023
Australians are gearing up for some new habits in 2023, according to new research by Finder.
A nationally representative survey of 1,086 respondents revealed a whopping 71% of Australians – equivalent to 14.2 million people – have made a New Year's resolution.
Creating a balanced routine is front of mind with 34% vowing to eat healthier, 33% aspiring to lose weight and 31% planning to improve their fitness.
Following a cost of living crunch with soaring inflation, rising interest rates and expensive energy bills in 2022, millions of Aussies are hoping to get on top of their finances.
More than 4 in 5 (83%) Australians say they have set financial goals for 2023.
Saving more (50%) and spending less (32%) is top of mind for most, while 1 in 5 (18%) are hoping to reduce their everyday expenses.
Amy Bradney-George, credit card expert at Finder, said the New Year is a chance to reflect on the past year and set goals for the year ahead.
"Turning the page on the calendar is a chance for all of us to start anew. That could mean setting goals to improve your health, learn new skills or even save more money.
"Use that inspiration, but know that change doesn't happen overnight. Be gentle with yourself if goals aren't met straight away – or if they change over time.
"It's often helpful to set small, achievable goals that lead towards larger, more aspirational ones. That way you can see progress, bit by bit."
Interestingly, almost 1 in 5 (18%) Aussies say they want to sleep more in 2023. That's compared to just 13% who said the same last year.
More than 1 in 10 (11%) are aiming to work less/ have a better work/life balance this year – slightly up from 8% last year.
Bradney-George said with the added stress of the cost of living crisis, it's more important than ever to prioritise physical and mental health.
"Getting enough sleep is a great resolution to bring into the new year – it's incredibly beneficial for our physical and mental wellbeing, so the benefits can show up in many different parts of our lives.
"By making an effort to prioritise sleep, and establish healthier boundaries around work, Aussies can improve productivity, performance and overall quality of life."
Bradney-George said the start of a new year is a great time to focus on building good habits around money management.
"Look for ways to trim your budget and reduce unnecessary expenses. This might include cancelling subscriptions, cutting back on dining out or finding ways to save on your monthly bills.
"Money management apps like the free Finder app are a great way to keep track of your income and expenses.
"If you have credit cards, personal loans or buy-now-pay-later accounts that charge interest and fees, now is also a good time to consider debt consolidation with a personal loan or a 0% balance transfer credit card offer.
Travelling overseas is on the list for 14% of Aussies, while 12% will endeavour to be more sustainable and 7% plan to change jobs.
Investing more is top of mind for 15% of Australians, while 11% plan to build up an emergency fund.
1 in 10 (10%) have vowed to pay off their credit card, and the same number (10%) are hoping to buy a home.
| What are your New Year's resolutions for 2023? | |
|---|---|
| Eat more healthily | 34% |
| Lose weight | 33% |
| Improve fitness | 31% |
| Sleep more | 18% |
| Travel overseas | 14% |
| Be more sustainable | 12% |
| Work less/ have a better work/life balance | 11% |
| Renovate my house | 11% |
| Start meditating | 7% |
| Quit smoking | 7% |
| Change my job | 7% |
| Volunteer | 6% |
| Move interstate/overseas | 5% |
| Find love | 5% |
| Take more risks | 5% |
| Quit gambling | 3% |
| Quit drinking | 2% |
| Quit vaping | 2% |
| Other | 3% |
| I'm not going to have any resolutions | 29% |
| Source: Finder survey of 1,086 respondents, December 2022 |
| What are your top financial goals for 2023? | |
|---|---|
| Save more money | 50% |
| Spend less money | 32% |
| Reduce expenses | 18% |
| Invest more | 15% |
| Build up an emergency fund | 11% |
| Find ways to increase my earnings (e.g. second job, get a pay raise, start a business) | 11% |
| Pay off my credit card | 10% |
| Buy a home | 10% |
| Pay off mortgage | 8% |
| Improve my overall financial literacy | 8% |
| Buy car | 8% |
| Pay off other personal debt (e.g. student loan, personal loan, car loan, etc.) | 7% |
| Buy cryptocurrency | 6% |
| Pay off my BNPL debt | 5% |
| Save for a home deposit | 5% |
| Stop using BNPL | 3% |
| Other | 2% |
| I don't have any financial goals for 2023 | 17% |
| Source: Finder survey of 1,086 respondents, December 2022 |
Need some help kickstarting your financial goals? Check out Finder's Budgeting 101 for an effective way to manage your money in 2023.