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Surprising reasons Aussies are stashing their cash

Eliza Bavin
·Personal Finance Editor
Updated ·2-min read
A composite image of Australian $100 notes in cash and a crowd of people waking in the Sydney CBD to represent people saving money.
Aussies are saving for some surprising reasons. (Source: Getty)

Aussies saved their cash for more than just a rainy day this year with new data from ANZ revealing the top five savings goals for its customers in 2022.

Unsurprisingly, home ownership, holidays and the keys to a new car topped the list but there were some other wildcard reasons out there.

Nice-to-have items like eyelash extensions, dog birthday cakes, updated tech accessories and teeth whitening were also prevalent reasons for Aussies keeping some extra cash on hand.

ANZ expert Jade Khao said the top 5 savings categories demonstrated mindful money management and financial well-being among Aussies.

“The data shows that customers are diligently saving for significant life purchases, such as homes and cars, and are also tucking away savings to responsibly afford holidays, treats for their pets, trips to the salon and other items that won’t break the bank but do add up over the course of a year,” Khao said.

“Being aware of your spending and developing a solid understanding of where your money is being spent each month is one of the keys to financial well-being. ANZ encourages all Australians to set savings goals, and keep an eye on non-essential spending to achieve those goals faster,” she said.

The top 5 savings goal categories of ANZ customers in 2022:

  1. Holiday

  2. House

  3. Other

  4. Car

  5. Rainy Day

With travel also back on the table for Australians, the data suggested savers were looking to New Zealand and Bali for international holidays.

Domestically, trips to Noosa, Queensland and Sydney were the most popular.

Khao said the prevalence of rainy day funds was a further indication Aussies were future-proofing their savings.

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