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Almost half of all Australians made a New Year’s resolution, and while physical health was still the most common, financial health wasn’t far behind.
According to the latest ING DIRECT Financial Wellbeing Index, 48 per cent of Australians decided to make a New Year’s resolution, with 23 per cent wanting to improve their health and physical fitness.
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But in a very close second, with 22 per cent of survey respondents, was improving their financial position.
While Australians have high hopes for 2014, the results suggest that most want to improve their already healthy financial position.
“Australian households have worked hard throughout 2013 to get their finances in better shape, and comfort levels with mortgage and credit card debt are especially strong at present,” said John Arnott, executive director of customer at ING DIRECT.
“It’s great to see high levels of optimism for the year ahead, and the index results confirm that Australians will continue to consolidate the gains made in 2013 with a sensible approach to money management,” Mr Arnott said.
According to the index, Australian households remained in good financial shape in the lead-up to the 2013 festive season, with the index holding steady at 110.8 in the fourth quarter, down slightly from 111.5 in the third.
One in five households said their biggest financial achievement in 2013 was staying on top of debt, while the same number believed the economy would be an issue in 2014.
For 2014, 27 per cent of Gen Y (ages 18-34) respondents wanted to increase their income, while 27 per cent of Baby Boomers (ages 50-64) said their top priority was spending less.
