Many Australians plan on tightening their purse strings further in 2024, with new research from Compare the Market revealing that saving money is the top New Year’s Resolution for Australians ahead of the New Year.
In fact, almost half (49.7%) of Aussies surveyed in Compare the Market’s latest research said they intended to save more money in the new year – up 7.1% in the last 12 months. The cost-of-living crisis seems to be hitting Gen Z the hardest, with three-quarters (76%) of the cohort saying they wanted to stash away more cash in 2024. In contrast, just 24.8% of Baby Boomers, 46.4% of Gen Xers and 68.2% of Millennials listed saving as a top resolution.
Compare the Market’s Economic Director David Koch said it wasn’t surprising that so many Australians wanted to prioritise their finances in the New Year.
“With an ongoing energy crisis, higher fuel prices, rising rents and mortgage repayments going up for many, it makes sense that many Aussies want to see their piggy bank grow in 2024,” Mr Koch said.
“We’ve been hit with higher prices across the board and unfortunately, it looks like we could still feel this pain well into 2024.
“Some Aussies have seen their savings go backwards as they try to keep on top of rising prices and that’s the last thing we want to see.”
Another top resolution for Aussies in 2024 will be living a healthier lifestyle, with 43.3% of those surveyed admitting that they want to work out, eat healthier and improve their wellbeing. An additional 8.9% said they wanted to cut back on smoking or drinking alcohol.
Once again, Gen Z led the charge, with 55.2% of the cohort saying they want to live a healthier lifestyle, compared to 53.7% of Millennials, 43.7% of Gen Xers and 29.2% of Baby Boomers.
“We’ve all heard of the ‘New Year, New Me’ catchphrase and around two in five Australians say they want 2024 to be the year they focus on their health,” Mr Koch said. “There’s been a 5.7% increase in people listing their health and wellbeing as a priority compared to last year.
“Those with health insurance may not realise they could benefit their health by utilising the services and treatments available to them through their extras policy. Things like lifestyle programs, exercise physiology, remedial massage and dietician services may be included, so check your policy documentation and be sure to utilise everything you’re entitled to.
“Meanwhile, cutting back or ditching smoking, alcohol or vaping may improve your health and help the hip pocket. If you spent $60 on these habits each week and gave up completely, that’d be an extra $3,120 in your pocket a year.”
The research also revealed that more than one in four (28.4%) Australians have the resolution to go on a holiday, 13.7% of people say they want to be more environmentally conscious and 11.7% hope to get a new job. It also found that Australians are making resolutions around:
- Buying a new home (10%)
- Purchasing a new car (9.2%)
- Finding love (9.1%)
- Getting a pet (2.4%).
However, the older generation seemed most hesitant to list any resolutions.
“They may be older and wiser, but Baby Boomers appear to be the most reluctant to make resolutions,” Mr Koch said.
“In fact, 63.3% of Boomers said they wouldn’t make resolutions in the New Year, compared to just 8% of Gen Z. However, for the Boomers that do make resolutions, living a healthier lifestyle, saving money and holidaying were at the top of the list.” Generation
| Resolution | Gen Z | Millennials | Gen X | Baby Boomers |
| Live a healthier lifestyle | 55.2% | 53.7% | 43% | 29.2% |
| Save more money | 76% | 68.2% | 46.4% | 24% |
| By a new home | 22.4% | 13.5% | 9.1% | 2.8% |
| Get a new job | 36% | 13.5% | 10/6% | 1.6% |
| Find love | 21.6% | 11.1% | 6.4% | 4.4% |
| Drink/smoke less | 6.4% | 12.2% | 8.7% | 6.9% |
| Go on a holiday | 34.4% | 33.4% | 28.7% | 21% |
| Get a pet | 2.4% | 4.4% | 1.5% | 1.3% |
| Buy a new car | 9.6% | 13.2% | 10.9% | 3.8% |
| Be more environmentally conscious | 12% | 16.6% | 13.6% | 11.9% |
| I won’t make New Year’s resolutions | 8% | 19.6% | 40% | 63.6% |
Mr Koch said for those looking to grow their savings in 2024, there were little things they could do without giving up the things they love.
- Shop around. Whether you’re at the grocery store, wondering what to do with your insurance renewal, filling up the car or organising your utilities, make sure you always do your research ahead of time and get the best deal possible. Comparing prices should be at the top of your 2024 to-do list.
- When it comes to energy and insurance, never just accept a renewal or price hike. If you’ve been with the same retailer or provider for some time, ensure you’re still on the best possible deal with them or compare your options to see if you could save by switching to another plan or policy.
- Maximise savings through rewards programs and apps. Major supermarkets allow you to “boost” within apps to maximise your ability to earn points, which can be redeemed for store credit. Similarly, check if there are any discounts or savings available for signing up for a store or restaurant’s perks program and remember to flash your app or card whenever you make a purchase.
- Find the hidden rewards. Insurers, energy retailers, roadside assistance programs and more may offer exclusive deals and discounts, simply for being a member. Check if there are any discounts available and utilise them where you can.
- Make the most of rebates and discounts. You may be entitled to an array of rebates, concessions, discounts and more if you’re a concession card holder, student, or even if you hold a Seniors Card. Check with individual retailers if you’re entitled to any discounted rates or rebates.
For more information, please contact:
Phillip Portman | 0437 384 471 | [email protected]
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy home and contents, car, pet and travel insurance along with energy products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.
