While focusing on our financial goals over the next 12 months, it is interesting to look at ways in which recent turbulent times have impacted our future savings plans. Recent research shows (1), there is an increased number of people prioritising being more frugal about their lifestyle choices; 44.7% in 2021 vs 30.8% is 2020. Unpredictable times has encouraged more of us to increase savings and pay down debt, together with creating a budget to understand what we are spending, saving and earning; 38.6% in 2021 vs 23.2% in 2020.

However, while increasing savings is the number one financial priority over the next 12 months for many people, research shows (1) recent newly found freedoms now has many people planning for a holiday as the number two financial goal:

It may be interesting to benchmark our own personal goals against the broader results revealed in the above study. Have you found the uncertainty of pandemic times has you wanting to invest more of your income in savings and seeking broader long term financial security while planning for a rainy day? Also, has the easing of restrictions suddenly motivated you to start planning a holiday?

The constantly changing times in which we live should provide us with the impetus to be reviewing and redeveloping our financial goals regularly, to ensure our goals are current and an accurate reflection of what we value and how we want to live both now and into the future.

Contact us at Income Solutions for the tools and guidance in ensuring your financial goals meet your current and future needs: [email protected]

(1)
https://fpa.com.au/wp-content/uploads/2021/10/2021_FPA_Money_and_Life_Tracker_Freedom_Edition.pdf

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