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An American Express survey shows over 40% of respondents have set goals for the year to pay off debts and grow savings.
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Consumers ‘taking back control’ of finances, Amex finds
29 January 2024
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10 minute read
Consumers are “taking back control” of their finances in 2024 by setting personal finance resolutions that include reining in spending and paying off dets, American Express says.
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Over 40 per cent of respondents surveyed by American Express set personal finance goals for the year, including spending “within their means” and improving their financial independence.
Corinne Ng, vice president of lifestyle and travel services, called the trend observed in the survey “mindful finance”.
“Mindful finance is moving a step beyond simply making better financial decisions,” she said.
“It’s also about taking control, becoming financially empowered and even considering how your spending may impact others, or the environment.”
“As Aussies continue to learn and evolve from the current financial landscape, they’re also looking at how to make the most of day-to-day spending.”
To achieve their goals, almost three quarters (72 per cent) of respondents planned to grow their savings, 51 per cent said they would budget better and 44 per cent planned to pay off debts in order to “take back control of their finances”, American Express said.
The payments company’s Amex Trendex survey identified the emerging theme of “financial empowerment”, with about one in four consumers saying they would start investing this year.
Respondents also said they would make more sustainable lifestyle choices – 55 per cent said they would reduce their use of plastic or single-use product and 53 per cent would seek out brands when travelling that offset their carbon emissions.
American Express said it recorded an uptick in spending related to general wellness products, a trend that was reflected in responses to the survey.
The most popular “niche health” products and services consumers planned on purchasing were spa treatments or health regimen plans such as infrared saunas (41 per cent), cryotherapy (30 per cent), sound baths (29 per cent) and “gua sha” facials (28 per cent).
“It’s no secret that Australians love to jump on the latest health and wellness trends. We’re also seeing American Express card member spending increase across the wellness category with year-over-year spend growth at places like beauty salons, health spas, massage parlours and osteopaths,” Ms Ng said.
Health and quality of life were prioritised over productivity and career goals, the survey also found.
“Being healthier” was a goal for 69 per cent of respondents while productivity was voted by 34 per cent and career success was only chosen by one-quarter (25 per cent) as a goal for the year.
The Amex Trendex survey was conducted between December 6-20 last year and surveyed 1,005 adults in Australia who had an income of at least $50,000.
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