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Money over health: Aussies’ 2023 financial goals

NAB has revealed what Aussies are willing to give up to save some cash in 2023.

A composite image of Australian money and a crowd of people waking in the Sydney CBD.
Aussies are looking to save money this year as the cost of living is expected to rise. (Source: Getty)

Aussies will be focusing on getting on top of their finances this year, with 26 per cent putting money matters ahead of travel plans in 2023.

New research from NAB revealed 17 per cent of Aussies would also be putting their financial well-being ahead of their physical health, with financial matters being prioritised over weight loss.

To make their financial well-being a reality in 2023, four in 10 said eating out (41 per cent) and keeping up with the latest fashion (40 per cent) would be the first expenses they were willing to sacrifice.

But almost one in five said money management wasn’t a priority for them right now, despite the rising cost of living dominating headlines.

NAB executive everyday banking Paul Riley said the NAB Economics research reinforced just how much finance was top of mind for many Australians right now.

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

“Many of our customers are telling us they’re making changes given the current cost pressures.”

According to the research, only around 13 per cent of Australians had no financial goals at all, while about 7 per cent weren’t currently prepared to cut any spending.

Women were more willing to reduce spending on eating out than men (45 per cent vs 37 per cent), fashion and clothes (44 per cent vs 35 per cent) and major household items (36 per cent vs 30 per cent).

Riley said young Aussies were taking a keen interest in their finances.

“About 30 per cent of people aged 18 to 29 said they’d sacrifice travel to get on top of their money in 2023, while about 26 per cent said it’s more important than reducing time on social media,” he said.

“This is particularly interesting given Millennials and Gen Zers are digital natives who are often very driven by experiences like travel.”

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