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Are Western Australians getting serious about saving?

By Kevin Kelly

As you'll no doubt be aware, saving for a deposit is the first step many people take when they're in the market to buy real estate in Bunbury South. If the latest figures from Westpac are anything to go by, this is moving up the list of priorities for many people across Western Australia.

The bank discovered that 69 per cent of Australians have set themselves financial resolutions for 2016. Almost half (40 per cent) are saving for a home, or to make improvements to their existing property.

Setting a savings target is also high on the list of priorities, the Westpac New Year Resolutions Report revealed, as 85 per cent want a certain amount in their accounts by the end of the year.

Head of consumer deposits at Westpac Elliot Smith commented: "We are seeing Australians considering a number of strategies to help them reach their goals.

"These include reducing expenditure, reducing impulse buys and creating a budget."

The main challenge now is to keep these goals on track, as the bank revealed 61 per cent of people who've made similar resolutions in the past have failed to stick to them. On average, their financial ambitions lasted around four months.

WA leads the way

A report from RFi and Macquarie Bank found in 2014 that Western Australians are leading the charge when it comes to savings. In fact, they have around $20,000 more in their savings accounts than other parts of the country.

This should make it easier to save for real estate in Bunbury South, as the average balance in WA stood at $85,000. The next-closest result was in Victoria, where savers have around $54,000 set aside.

Much of this discrepancy is due to gains made during the mining boom, the financial analysts concluded.

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