Monday , June 14 2021

Westpac account data shows that money saving begins with goals

Savings below the age of 24 set more monetary targets than other age groups, new research found.

Despite the widespread belief that young Australians are more focused today than tomorrow, Westpac's 17,000 account analysis shows that 18-24 year-olds have created the most goals and their travel is the most popular goal.

According to the bank's analysis of his accounts, savers aged 25 to 34 are more focused on saving housing, allowing people to open up to six goals in one account. Other popular solutions include saving cars, pets, weddings, Christmas and "on any occasion".

24-year-old Emily McDonough likes to travel with her Sunny Wu friend and sets regular savings goals.

"I hate that feeling after the trip when you have destroyed your savings, so I always plan to leave a little in the bank and set another goal a while ago to keep your mind," she said.

"I feel better to give up this coffee with an argument when I have something to expect.

Ms McDonagh said that creating automatic debits is important in order to keep the savings targets as well as sharing goals and plans for traveling with friends. "We make much more homemade dishes together, and nights of cheese and wine to avoid saving isolation."

Wendpack's head of savings, Catherine Carpenter, said two-thirds of millenarians believed they had saved more if they had a specific purpose.

"Young Australians are growing in times of low income and higher living costs, so they need to be more financially understood," she said.

"Without documenting goals, it's easier to lose sight of what they are and to fall out of the money-saving wagon.

"We often find that people return from the holiday season with the financial resolution of the new year, but without a plan or a regular deposit, this can lead to inaction within a few months."

The spokesman for Human Loan Association Human Rights Stewart Simons said that up to 80% of people have given up their new year to February.

He said that savings can be accelerated by reducing alcohol and other vices, home-grown food, coffee and personal coaches. "Kill these exercises hard, but maybe you cut each week – spend your time running or training with friends."



  • Set goals by defining in detail what you save and your chart.
  • Choose the right savings account and try to avoid downloading.
  • Smaller regular deposits are better than irregular large deposits that can expose the cash flow.
  • Set up automatic transfers to a savings account, which makes it easier to keep each time.
  • You have a friend to save as a partner, brother or friend to keep each other accountable.
  • Set up a budget and review your costs.

Source: Westpac

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