A new study by MyState Bank has found that the impact of the COVID-19 pandemic on the economy has encouraged many Australians to take a hard look at their finances and plan ahead.
According to a savings.com.au report, the study surveyed 1,000 Australians about their new year’s resolution and found the respondents have become more aware of their spending habits due to the pandemic – with many respondents making it a priority is to reduce spending on discretionary items. Other respondents said that maintaining a budget is their biggest plan this year.
And according to the study, one in five respondents said that their major financial resolution 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,” Heather McGovern, general manager for customer experience at MyState Bank, told savings.com.au.
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."