FERNWOOD FITNESS - PULSE eMagazine - Issue#15 - Flipbook - Page 44
MONEY
Post-Holiday
Financial
RESET
BY CON BARBAYANNIS, CPA
If you’ve just come
off the back of
the festive rush,
holidays, travel or
heavier spending
than usual — you’re
de昀椀nitely not alone.
Big picture: Australia
Many Australians crank up
the spending during the
festive season (gifts, travel,
dining out) and then feel
the pinch. For example,
research from Australian
Securities & Investments
Commission (ASIC) found
that Australians estimated
they would spend
almost AUD $800 per
person on gifts, holidays
and celebrations during
the season.
More than 20 % of
Australians (22.2 %)
were found to risk what’s
called “debt-lag” by
funding holidays with credit
cards, loans or “buy now
pay later” (BNPL) services.
A lot of consumers are
feeling the crunch:
39 % of Australians
reported experiencing
昀椀nancial stress due to
cost-of-living pressures,
higher housing payments
and essentials.
Global context
Globally, consumers are
cautious: a recent survey
found that 59 % of global
shoppers expect to spend
US $500 (or equivalent) or
less on holiday gifts and
celebrations and 75% said
in昀氀ation, the job market and
interest rates would impact
their spending.
What this tells us: Many
people spend more
during the holidays than
they planned, sometimes
borrowing to do so, and
then face the challenge of
recovering 昀椀nancially in the
new year. But with a few
smart steps, you can reset,
recover and move forward.
