How Australians save money

Have you ever wondered what it takes to be a successful saver? Our infographic shows what Australians' savings goals are, the top reasons people break financial resolutions, and the techniques people use to reach their savings goals.

View accessible text version of this infographic (below)

How Australians save money infographic

How Australians save money (accessible text version)

  • Of those who make a savings resolution, 85% have a specific target in mind.(1)
  • Average savings target is $11,234(1).

Top 3 savings goals(1)

  • 53% holiday
  • 46% rainy day fund
  • 40% buy or renovate a home.

Other top money goals(2)

  • Build wealth for retirement
  • Pay off debts
  • Set up a budget
  • Get debts under control
  • Invest in shares, bonds or commodities
  • Buy an investment property.

Top reasons people break financial resolutions(1)

  • 41%: Unexpected expenses or change in financial circumstances
  • 27%: Lack of willpower
  • 17%: Goal was unachievable.

How to become a successful saver

Tips and tricks people use to reach their savings goals(2*)

  • 52%: Transfer spare funds to a savings account
  • 21%: Set up auto transfers to a savings account
  • 17%: Keep savings in an account they can't touch
  • 15%: Build up funds in their transaction account
  • 11%: Deposit into their home loan offset account. 

Use the savings goals calculator to reach your money goals 

Sources:

  1. Westpac, Financial fitness a top priority in 2016; Australians pledge to save $21 billion (January 2016)
  2. ME Bank, Saving for a holiday or car are the top financial goals for 2017 (December 2016).

* Note: Because this list does not include every technique people use to save money (and some people may use more than one technique), these figures do not add up to 100%.


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Last updated: 07 Mar 2018