NEW RESEARCH FROM ANZ REVEALED THE MOST COMMON SAVINGS GOAL FOR AUSSIES IS TRAVEL DESPITE 70 PER CENT CURBING THEIR SPENDING TO COPE WITH THE COST OF LIVING.
The research showed that many everyday Aussies continue to grapple with the rising cost of everyday items, with 59 per cent cutting down on non-essentials, 34 per cent putting more towards savings and 17 per cent asking for a pay rise.
Although, when it came to savings goals, holidays topped the list with 43 per cent of those surveyed saying this was their top saving goal.
This was followed by a house (40 per cent), a rainy day fund (38 per cent), and a car (27 per cent).
The research also revealed that women were more likely to be saving for travel than men (47 per cent to 40 per cent).
Earlier in the year, CommBank released a report where Aussies also named travel as their top savings priority.
The report, which was released in February, showed that over 70 per cent of respondents are saving to travel either domestically or internationally this year.
On average, Aussies said they planned to save and spend $5072 on travel this year.
CommBank’s executive general manager, Everyday Banking, Kate Crous was excited about the trend.
“Encouragingly, saving for a holiday was the third most popular type of goal that customers chose to create within the CommBank app Goal Tracker tool in both 2020 and 2021.”
The top reasons to travel included to get away and relax (65 per cent), visit family and friends (52 per cent), and to explore new places (46 per cent).
Young adults (18 – 29 years) are more likely to be planning to travel internationally in the next year (2 in 5), compared to Australians over fifty years old (1 in 5).