A new survey by home loan platform Lendi suggests 2021 will be a busy year for many Australians with newfound optimism reigniting aspirations and goals.
According to the survey of 1,100 Australians*, 84% of people believe 2021 will be better than 2020.
50% of people surveyed say they were forced to reset their financial goals during 2020 however 48% feel more optimistic about hitting their financial goals in 2021 and only 22% feel less optimistic.
42% of people think they will be able to save more money and 33% think they will be able to earn more money in 2021 compared to 2020.
David Hyman, Lendi co-founder and CEO, said; “The events of 2020 saw many Australians forced to put life on hold but 2021 looks like we’ll be seeing plans reignited with a greater sense of enthusiasm and perhaps even security.
“Whether it’s taking holidays, renovating, moving or having kids - it seems Australians are keen to crack on with it and get things back on track during 2021.”
Around two in three (61%) people say that COVID-19, the government stimulus and broader economic environment has not impacted their property ownership goals. Meanwhile, 17% say they have become more ambitious and 22% say they have become less ambitious.
Hyman added; “The great Australian property dream appears to have survived the pandemic and only 22% of people say their home ownership goals have become less ambitious in the current environment. This buoyancy is in part due to low interest rates which, for those with a secure income, are making it a great time to buy rather than rent.”
When asked what their biggest financial concerns were for 2021, the top issue was utility costs (23%), followed by rent (15%) while mortgage repayments came in third place (14%) alongside food and grocery costs (14%). Stagnant wages came in as the key concern for 10% of people.
“Low interest rates have certainly helped ease the pressure for many Australian households and in 2021 we will see more Australians consolidating their debts to pay them off faster,” said Hyman.
Nearly half (47%) of people surveyed say they will consolidate or reduce their debt in 2021.
*Online survey of 1,100 Australians adults conducted 18 to 20 December 2020
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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.
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