33% of Aussies saving to buy a home: BOQ

Taken from a sample of over 10,000 BOQ Group digital savings accounts on myBOQ and Virgin Money platforms, the research found that over a third (33 per cent) of its customers are saving to buy a home over the year, followed by saving for a holiday (17 per cent) and setting up rainy day funds (14 per cent).

Other goals included saving for “something else” at 22 per cent, a new car (7 per cent), paying off debts (3 per cent), education (2 per cent), and getting married (2 per cent).

Sophie Tilden, BOQ general manager, everyday banking and deposits, stated that embedding the right savings behaviours is crucial to Australians achieving their financial goals.

“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,” Ms Tilden added.

Financial stability on the forefront of 2023 priorities

This research follows an emerging trend for 2023 where Australians are prioritising their financial wellbeing and saving for a home.

NAB and the Commonwealth Bank of Australia (CBA) released research into consumer priorities in regards to New Year’s resolutions which indicated that financial stability is among the top goals for the year.

According to NAB’s findings, 26 per cent of Australians have put getting on top of their finances instead of travel plans, with a further 17 per cent prioritising it over common resolutions such as weight loss or cutting down on social media.

CBA’s research found that 93 per cent of respondents had some kind of financial goal for 2023, with 51 per cent indicating that their top financial goal was to reduce living costs and expenses, 50 per cent said they wanted to spend less on non-essential items.

A further 41 per cent set the goal of being more disciplined and to save regularly, along with 41 per cent wanting to find additional income.

NAB executive, everyday banking, Paul Riley commented at the time that the research reinforced how much finance was top of mind for many Australians.

“It’s no surprise many people are willing to put other traditional new year resolutions aside to prioritise getting to grips with their money,” Mr Riley said.

Written by Adrian Suljanovic

Last Updated: 11 January 2023

Published: 12 January 2023