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More Western Australians are saving up to fulfill their plans of purchasing a home, according to a new study by Bankwest.
The study, which analysed savings goals over the six months to January 2021, showed a 49% growth in home-buying intentions among Western Australians. This growth was apparent across generations, with Millennials and Baby Boomers ranking home buying as the second top priority next to big purchases.
Millennials made up the majority of those saving for a home — around 20% of them are putting their money towards a home-loan deposit.
Western Australians ranked big purchases as the top savings priority during the period. In fact, spending intentions for big purchases, which include jewellery, boats, weddings, pools, and furniture, increased by 52%.
"The surge in areas such as big purchases suggests West Aussies are increasingly feeling confident about spending on big discretionary items," said Paul Vivian, chief customer officer at Bankwest.
Travel also remained a top priority for Western Australian savers. However, it is the only category that reported a decline in spending intention levels.
The study said the growth in financial goal setting is apparent across all generations, with Millennials and Gen Z emerging as top savers and goal setters.
"The past 12 months presented significant challenges to West Australians, and many people and businesses continue to face hardship, but data such as this continue to make us cautiously optimistic for the year ahead," Vivian said.
