22 December 2016
ver a quarter (26%) of Australian households will be savings for a holiday or car in 2017, closely followed by paying off a mortgage (25%) and building up ‘rainy day’ savings (25%).
But many may fail to achieve their savings aspirations, according to new ME research with 1,500 Aussie households, which unearthed a number of ineffective savings habits:
ME Head of Deposits and Transactional Banking, Nic Emery said a lack of money discipline is holding many Australians back from realising their financial goals.
“The key to getting ahead is tracking the real costs of your household expenses, setting a realistic budget and committing to every single detail, consistently.
“For some ‘live-for-today, plan-for-tomorrow’ types regular savings habits may not come naturally − if you’re one of these people, consider introducing processes such as automatic transfers that helps you set, forget and save,” he said.
According to ME’s research, only 21% of households set up automatic transfers to a savings account. Others prefer to:
Top 10 financial goals for Australian households in 2017: