Nearly half of all Australians (40%) are not worried about spending money this year as we start to emerge from the pandemic, and are looking to splash the cash starting with Easter, according to new research out by MyState Bank.
Following a year of keeping an eye on spending, 2021 seems to have some light at the end of the tunnel, with 80% of us planning to celebrate the Easter holidays catching up with family and friends and making the most of the long weekend.
When it comes it splashing the cash for the holiday, nearly a quarter of us (22%) are looking to spend more than they normally do at Easter and over a third (38%) are planning to spend between $100 and $250.
When asked about how they will be paying for Easter, only 18% admitted they will be using credit to pay, with three quarters (76%) using cash or direct debit.
Commenting on the findings, Heather McGovern, MyState Bank General Manager of Digital and Marketing, said that Australians have been showing good intent with their finances over the last year and are keen to loosen the purse strings and enjoy the holiday.
“We are finally starting to emerge from a tough period, so seeing people wanting to relax and enjoy their hard-earned money is not a surprise. What is positive is that very few Australians are reliant upon credit to get through this holiday, putting them in a stronger financial position to continue the rest of the 2021,” said Ms McGovern.
Personal finances a focus for Australians this year
The research highlighted that Australians are planning to not only spend more money this year, but also really focus on their finances and improving their financial situation.
Over half are planning to save more money this year (55%) and a quarter (22%) will be focusing on paying down their home loans as a priority. One in five (21%) will be trying to avoid using credit as frequently, and 18% are trying their luck with investing and creating an investment portfolio.
“2021 is fast becoming the year for Australians to knuckle down and focus on their personal finances. For those who were able to achieve some financial milestones in 2020, now is the time to start to build on that. For others, 2021 is the year to establish a solid foundation for yourself with your finances,” said Ms McGovern.
“Smart planning and the right approach can help you to make good on your financial goals.”
Here are MyState Bank’s five tips on how to make your financial resolutions stick into 2021: