A third of Australian savers are prioritising getting their finances in check to buy a home, at least according to the latest survey of BOQ Group savers.
The survey found that 33% of 10,000 savers in the myBOQ and Virgin Money platforms put buying a home on top of their savings goals this year.
Here are the other priorities of BOQ savers for the year:
- Holiday – 17%
- Rainy day fund – 14%
- New car – 7%
- Getting rid of debt – 3%
- Marriage – 2%
- Education – 2%
- Something else – 22%
BOQ Group general manager for everyday banking and deposits Sophie Tilden said the key to achieving savings goals is to adopt right behaviours towards finances.
“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 or round ups that help you set, forget and save,” she said.
“Also avoid the temptation of dipping into your savings for unnecessary purchases.”
BOQ Group has a high-interest “behavioural savings account” where customers are able to separate their savings and stash for everyday spending in two accounts.
For Virgin Money savers, there is the Locked Saver feature, which works like a term deposit that has a rate higher than the usual.
A separate study by NAB unveiled the things Australians are willing to sacrifice to achieve financial wellbeing this year.
Of the 2,000 respondents, more than a quarter said they will be postponing travel plans.
NAB reports younger Australians are more likely to take a keen interest in their goals and are actively looking for ways to get on top of their financial health.
Photo by Bich Tran from Pexels.
Collections: Mortgage News