Media Release

St.George is encouraging people to have a think about their New Year financial resolutions following its new research which reveals nearly 70% of respondents are concerned about their finances in 2017.

The research commissioned by St.George shows the main reasons for concerns in 2017 are the Australian economy (55%), housing affordability (44%) and household debt level (42%).

Saving is top of mind for Aussies in the New Year with 34% ranking it as their number one financial priority, followed by paying down debt (25%), and staying afloat (23%). Saving for a holiday or travel was the most popular reason to save, followed by saving for a rainy day, and saving to buy a home.

St.George General Manger for Retail Banking Ross Miller said, “As we enter the New Year, now is a great time to reassess your finances and commit to making positive financial goals that can help make a difference to your hip pocket.

“Our findings show nearly half of Aussies surveyed felt unhappy with their overall financial health in 2016, and the majority of those are aged 18-24 and 45-54.

“However it’s positive to see all age groups said creating a budget and sticking to it will help them achieve a better financial outcome in 2017. Once the festive season is behind you, it’s time to take a fresh look at your 2016 finances and with a bit of planning and budgeting, 2017 could be a financially rewarding year.”

According to the research, the majority of 18-24 and 45-64 year olds felt they need to save between $5,000 - $10,000 to reach their financial goals in 2017, while those 25 to 44 need to save more than $30,000, and those 65 and over need to save between $1,000 - $5,000.

The biggest financial challenges in 2017 for Aussies are cutting back on discretionary spending (39%), getting personal debt under control (29%), maintaining a lifestyle during retirement (28%), and saving enough for a house deposit (28%).

“It’s no surprise to see that Millennials are keen to get their foot on the property ladder in 2017, while maintaining a lifestyle during retirement is really important for Baby Boomers.

“As a family bank, St.George has a variety of solutions for Aussies of all ages, including our Family Pledge product where home buyers can have a family member guarantee your loan to help you get started.

“We encourage Aussies to come into a St.George branch to start the conversation about their financial goals in 2017 – whether that be buying a home, planning for retirement, or getting your debt under control – our friendly bankers are here to help,” added Ross.

Key findings

• Nearly 70% (68.9%) of respondents are concerned about their finances in 2017
• The main reasons for their concerns are the Australian economy (55.4%), housing affordability (44.2%), household debt level (41.9%) and job insecurity (39.5%)
• Respondents aged between 18-34 are most concerned about housing affordability, while those aged 35 and over are most concerned about the Australian economy
• Saving money in 2017 is the top financial priority for more than a third of respondents (34.5%), followed by paying down debt (25.8%), and staying afloat (23.1%)
• Saving for a holiday or travel was the most popular reason to save, followed by saving for a rainy day, and saving to buy a home. Travel topped the list for those aged 45 and over, while those aged 18-44 prioritised saving to buy a home or investment property
• The biggest financial challenges in 2017 for respondents are cutting back on discretionary spending (39.7%), getting personal debt under control (29.4%), maintaining a lifestyle during retirement (28.3%), and saving enough for a house deposit (26.9%)
•  55.9% of respondents said creating a budget and sticking to it will help them achieve a better financial outcome in 2017.
• Nearly half of respondents (47.2%) felt unhappy with their overall financial conditions in 2017
• The majority of 18-24 and 45-64 year olds need to save between $5,000 - $10,000 to reach for financial goals for 2017, while those 65 and over need to save between $1,000 - $5,000, and those 25 to 44 need to save more than $30,000

About the research: Conducted by Pure Profile in December 2016, 1000 respondents aged 18 and over were surveyed across Australia.

For more information or interviews, please contact:

Dianne Edwards
St.George Bank
0421 623 014
edwardsdi@stgeorge.com.au