Aussies’ biggest financial goal for 2023

It’s been a tough year for Aussies struggling with the rising cost of living, and that’s why many are looking to reduce their expenses and increase their savings for their New Year’s resolution.

Research from Commonwealth Bank (CBA) found 93 per cent of Aussies had a financial goal for the new year.

More than half (51 per cent) said their top financial goal was to reduce living costs and expenses, while 41 per cent said they wanted to find ways to earn extra cash.

“It’s that time of year when millions of Aussies will make New Year’s resolutions to get on top of their money, get in shape, or to live a greener lifestyle,” CBA chief behavioural scientist Will Mailer said.

“Sadly, we also know that a huge number of these resolutions won’t make it to February, as statistics historically show that many of us fall back into old habits in the first weeks of the year.”

Mailer said CBA’s behavioural science team was constantly analysing data, working with research partners and developing new tools and services to help customers achieve their financial goals.

“Behavioural scientists have spent decades looking at why we so often plan to make lifestyle improvements, only to then overspend on the weekend and skip our gym visit,” he said.

“These insights help us to set up strategies that will increase the likelihood that those health, wealth and professional goals actually become regular…