Yahoo Finance Money and work front of mind for 2023
Following a cost-of-living crunch with soaring inflation, rising interest rates and expensive energy bills in 2022, millions of Aussies are hoping to get on top of their money in the new year.
A nationally representative survey of 1,086 respondents revealed a whopping 71 per cent of Australians – equivalent to 14.2 million people – have made a New Year’s resolution, according to Finder.
Creating a balanced routine is front of mind, with 34 per cent vowing to eat healthier, 33 per cent aspiring to lose weight, and 31 per cent planning to improve their fitness.
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More than 83 per cent of Australians said they had set financial goals for 2023. Saving more (50 per cent) and spending less (32 per cent) was top of mind for most, while one in five (18 per cent) were hoping to reduce their everyday expenses.
Finder credit card expert Amy Bradney-George said the new year was a chance to reflect on the past 12 months and set goals for the year ahead.
“Turning the page on the calendar is a chance for all of us to start anew. That could mean setting goals to improve your health, learn new skills, or even save more money,” Bradney-George said.
“Use that inspiration, but know that change doesn’t happen overnight. Be gentle with yourself if goals aren’t met straight away, or if they change over time. It’s often helpful to set small, achievable goals that lead towards larger, more aspirational ones. That way you can see progress, bit by bit.”
Interestingly, almost one in five (18 per cent) Aussies said they wanted to sleep more in 2023, compared to just 13 per cent who said the same last year.
Around 11 per cent are aiming to work less or have a better work/life balance in 2023 – slightly up from 8 per cent in 2022.
Bradney-George said, with the added stress of the cost-of-living crisis, it was more important than ever to prioritise physical and mental health.
“Getting enough sleep is a great resolution to bring into the new year – it’s incredibly beneficial for our physical and mental well-being, so the benefits can show up in many different parts of our lives,” she said.
“By making an effort to prioritise sleep, and establish healthy boundaries around work, Aussies can improve productivity, performance, and overall quality of life.”
Bradney-George said the start of a new year was also a great time to focus on building good habits around money management.
“Look for ways to trim your budget and reduce unnecessary expenses. This might include cancelling subscriptions, cutting back on dining out, or finding ways to save on your monthly bills,” she said.
“If you have credit cards, personal loans or buy-now-pay-later accounts that charge interest and fees, now is also a good time to consider debt consolidation with a personal loan or a 0 per cent balance-transfer credit card offer.”
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