Our savings goals are more important than holidays, survey finds

Father and daughter put savings in jars.

Despite the prospect of international travel in 2022, it would seem that many Australians are more focused on achieving savings goals over the next 12 months than planning getaways. 

A new survey from FPA (the Financial Planning Association) has found that hitting savings goals is a top financial priority for more than 50% of Aussies.

FPA surveyed more than 2,000 Australians for its recent report called Money and Life Tracker: Freedom Edition. Of those surveyed 52% said they wanted to reach a savings goal in the next year, while 44% said they were keen to pay for a holiday. Around 32% were more focused on paying off a mortgage and just 16% said they wanted to start investing.

Lockdowns force financial health checks

The past 18 months have been a whirlwind. The global population has been in and out of lockdowns and movement has been restricted. While some have lost money as a result of ongoing business closures, others have saved money simply by not being able to eat out or travel.

Whatever camp you fall into, there’s a chance the pandemic has forced you to rethink your finances. FPA says a surprising silver lining to living in lockdown is that many Australians have chosen to take a financial health check and focus on things like reducing unnecessary spending, paying off debt and drawing up a budget.

In fact, according to FPA’s survey, around 26% of Australians have made changes to their financial situation since Covid-19 first hit.

Aussies increase savings in 2021

Three of the top changes Australians have made to improve their financial situation in 2021 include being more frugal with money, paying off debt and increasing savings. FPA found that 44.7% of people have been more frugal with their lifestyle choices in 2021 and that 44% of people have increased savings.

Around 23.6% of people surveyed said that in hindsight, they would have worked on building up their savings earlier. 

Is achieving a savings goal one of your top priorities right now? A top notch savings account with extra perks, could be one way to help you achieve that goal. These days lots of savings accounts come with things like automatic transfers, round-ups and spending insights to help you save more money.

Head to Mozo’s compare savings accounts page to see what options are available right now, or check out the accounts on offer below.

Compare savings accounts - last updated 27 November 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
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    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

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    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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