The impacts of the COVID-19 pandemic on the economy have encouraged Australians to look at their finances and plan ahead, with some prioritising paying off their mortgage sonner, according to the latest study by MyState Bank.
The study found that Australians have become more aware of their spending habits due to the pandemic. For almost half of Australians, their priority is to reduce spending on discretionary items. There are also those who said maintaining a budget is their biggest plan this year.
For one in five Australians, their major financial resolution for this year is to pay off their mortgages faster.
"More consumers are actively questioning their needs versus wants at the checkout, and according to our latest research, aligning their financial behaviour accordingly," said Heather McGovern, general manager for customer experience at MyState Bank.
McGovern said the pandemic has "altered" the daily lives of many Australians, making them realise the importance of saving money, especially in times of recession. In fact, around a third of Australians said they are concerned about their savings.
She furthered: "It is encouraging to see many Australians seeking out ways to build a financial buffer, whether that is by having a staycation, cooking more at home, or swapping the gym for outdoor exercise."