At the beginning of the year, which was only a few short weeks ago, I received some rather detailed information about the research and statistics that AMP had commissioned through a survey of 1,000 Australians.

• Over a third of Aussies (34 per cent) believe budgeting is too much effort
• Almost one in five Aussies (19 per cent) say budgeting takes too much time
• Even if we do start off the year with good intentions – sitting down and creating an initial budget – over a quarter (27 per cent) of us won’t end up sticking to it
• The research also showed that regularly checking our bank accounts (47 per cent), paper (28 per cent) and excel (20 per cent) were the main ways we keep track of our budgets.’

I’m sure this isn’t surprising to you, as you hear me banging on about this all the time. And I’m forever talking about the budgeting resolutions we make at New Year, only to have forgotten all about them by the time February comes.

The findings went on to say … Recent research by AMP, a leading financial services organisation, has found three quarters of Australians will be starting the year without a defined and specified budget, which will make sticking to our new financial goals tricky.

Michael Christofides, Director of Retail Solutions at AMP Bank, said the findings are worrying as budgeting is a critical part to achieving financial security.

“Knowing what you earn, owe and spend gives your greater control over your money and lets you quickly identify areas where you could be saving.

He also went on to say –

“The problem is that many people mistakenly think they are too busy to budget.”

According to AMP’s research, over a third of Aussies (34 per cent) believe budgeting is too much effort and almost one in five Aussies (19 per cent) say budgeting takes too much time.

Even if we do start off the year with good intentions – sitting down and creating an initial budget – over a quarter (27 per cent) of us won’t end up sticking to it.  

The research also showed that regularly checking our bank accounts (47 per cent), paper (28 per cent) and excel (22 per cent) were the main ways we keep track of our budgets.

Perhaps what I found most alarming was that 77% of the Aussies surveyed don’t have a budget. With all the demands that are placed on weekly incomes, I cannot understand how people can manage without some sort of plan or budget.

If you fit into that 77% category, then I urge you to change the way you’re managing your money and get organised with a budget. You can always contact me, if you need some assistance to get started.

The result of the research has prompted AMP to design a new banking product. You might find it helpful.

You can find it here 

(AMP have not asked nor paid me to promote their product, I’m merely offering the link in return for using their information)

 

 

 

©   Carmel McCartin – Budget Bitch

And don’t forget – (The views expressed in this blog are the personal opinions of the author. Don’t rely on them to make financial decisions; you have to make up your own mind. If you don’t like the content – then either stop reading or send me an email)