No Place Like Home

Across the country, cost-of-living pressures have seen people tightening their belts. However, our research found women (79%) are more concerned about this than men (68%). Women are also more likely to have changed their spending habits in response to cost-of-living pressures during the past 12 months (90%) compared to men (83%).

Entertainment, takeaway, home delivery and eating out are the areas where most men (53%) and women (64%) have changed their spending.

For women, groceries and fresh food is the second most common area where they have trimmed their spending (50%). Beauty treatments come in third (48%).

Great Southern Bank has clever tools to help you become a savvy spender and saver. Our budget planning calculator can paint a picture of your current finances. Just pop in your numbers and let our tool do the rest. While you're at it, take a look at five quick and easy tips to help you start saving.

A solid financial strategy and being savvy with money are crucial if you're to become a home buyer.

In the past 12 months, cost-of-living pressures, inflation and higher savings rates have sparked a preference to save (where possible) instead of spend. Our research shows that a savings account is the top strategy (58%) Australians are implementing to build a home deposit or fund unexpected expenses.

Paying off debt before incurring interest is the second most popular strategy to stay on top of finances (34%). Similarly, 20% of Australians are making extra loan repayments to pay their debt down faster.

Whether it’s sharing simple hacks for saving a home deposit or helping you get closer to another financial goal with our clever banking and saving features, we're here to help Australians become even smarter savers.

Our research shows how Australians think about money. Getting ahead financially is evolving with each generation.

With house prices and the amount needed for a deposit increasing, more than three times as many Millennials (36%) say they received financial help from their family to buy their first home compared to their parent's generation (11%). This trend shows no signs of abating, with almost half of Gen Z considering asking for help in the future (see graphic).

Almost a third of Millennials (30%) say they bought a property due to a fear of missing out. The belief that increasing house prices and interest rates will make it harder to buy a property creates anxiety.

At Great Southern Bank, we can help you achieve your home ownership goal. It’s never too late to open a dedicated Home Saver Account (high five for high interest!). Our guide on saving a deposit has clever tools to give you a hand or we can support you through  if saving a 20% deposit seems out of reach.

As the saying goes, it’s not what you know but who you know. Our research found that, in the past 12 months, Australians were most likely to rely on their family and friends for wise words about money. This is particularly true for Gen Z and Millennials. A smaller group of Australians had engaged professionals like an accountant (19%), their current bank (16%), a financial adviser (11%) or a mortgage broker (11%) within the past year.

Among Millennials, only one in three are seeking out professional financial advice, although they do generally have a saver’s mindset (63%), preferring to save than spend.

Another one in three have a more passive 'set and forget' approach, while one in five leave the finances to another household member.

Great Southern Bank has plenty of tools and tips to help you build confidence in managing your money. Whether it’s creating a budget, setting and tracking a goal, or keeping an old-fashioned money jar, it’s never too late to learn how to be clever with your money.