Losing weight and getting financially fit are the top New Year's resolutions for the majority of Australians, according to research commissioned by BankWest .
As part of the BankWest Social Indicator Series, more than half of the Australians polled said they planned to make a resolution in 2008, with over 80 per cent of them planning to keep it.
According to the research, the top resolutions for 2007 were similar with losing weight (51.9 per cent) the top response, followed by saving money (22.7 per cent) and paying off debts (19.9 per cent).
Over three-quarters of Australians said they wanted to make a financial resolution of some kind including making a financial plan and investing.
However, based on the respondent's track record in 2007, it's highly unlikely that resolutions will be kept.
The resolution abandoned the soonest was quitting smoking with 60.8 per cent giving up within one week. Almost 40 per cent of respondents said they lasted less than a day. Only one in three respondents who resolved to lose weight/get fit said they had stuck to the resolution and more than half had given it up after three months.
Australians had more success with saving money (77 per cent kept the resolution) and paying off debts (55.6 per cent). For most of these resolutions, respondents who wrote their pledge down or spoke to someone about it were more successful.
Given these results, BankWest has decided to make a resolution of its own - to make it easier for Australians to keep their financial resolutions and help thousands of everyday, hard-working Aussies to become richer. In order to do that, BankWest is offering a free Financial Health Check for anyone who visits our retail stores in January and February.
BankWest Head of Retail Products Selina Duncalf said: "It's reassuring to see that people value their financial future. Our research shows that people are more likely to be successful in attaining their financial goals if they speak to someone about them."
"The start of a new year is the perfect time for everyday, hard-working Aussies to take stock of their finances and we have staff in our stores who are there to help," she said.
Ms Duncalf said BankWest has a raft of market-leading products such as the BankWest Regular Saver which offers a fantastic rate of eight per cent for people looking to start a savings program in 2008.
"After the excesses of Christmas spending, BankWest is also offering a 0 per cent interest rate for six months on balances transferred to the BankWest Lite MasterCard from non-Bankwest cards to help get customers get their finances back on track," she said.
"The start of a new year is also a good time to look at your mortgage and make sure you've got the right home loan to help you pay off your home as well.
"BankWest's new year's resolution is to make thousands of people richer and a Financial Health Check is the ideal way to start."
TOP RESOLUTIONS
1. Lose weight / get fit
2. Save money
3. Pay off debts
4. Save up for something
5. Spend more time with family
6. Improve my relationship / find someone
7. Career change
8. Quit smoking
9. Get a hobby / learn something
10. Make a financial plan
11. Drink less
12. Get a promotion / get a raise
13. Invest
Other interesting findings:
* Australians said they were more likely to quit their jobs than ask the boss for a raise or aim for a promotion.
* For those who don't plan to make a New Year's resolution, 57.7 per cent of them reasoned they could make a change at anytime during the year. More than 18 per cent of Australians said they couldn't be bothered, while 13.1 per cent said they had failed to stick to them in the past.
Notes to the Editor
How the BankWest Regular Saver works
Customers receive 8% p.a. interest on the Regular Saver account, paid monthly, when they deposit between $50 and $500 in that month and make no withdrawals during that month. Maximum deposits of $500 per month. No interest is paid in a month where the customer makes a deposit of less than $50 and/or makes a withdrawal. The account must be linked to another eligible BankWest account and the balance will be transferred to that account on each anniversary of account opening.
About the BankWest Lite Mastercard
* $59 annual fee
* 0% p.a. for six months on balance transfers
* Then 9.89% p.a. ongoing (excludes cash advances)
* Three additional cardholders
* Access your account 24/7 via BankWest Online Banking
