Three in four Australians have set goals to improve their financial position in FY25, a survey shows.
Finder surveyed 1,062 Australians to uncover their financial goals for the new financial year. The survey revealed various strategies, including reducing spending, paying off personal debt, and buying shares.
Let's take a look at the results.
What are Australians' financial goals for FY25?
Amid a cost-of-living crisis due to high inflation and interest rates, the survey found that reducing spending was the top priority, with 40% of respondents setting goals around this for the financial year.
The second most popular goal was saving money by switching products to get the cheapest versions of it (28%).
Australians also want to pay down personal debt, such as credit cards and personal loans (23%) as well as pick up some extra income through a side hustle (22%).
Next on the list was putting together an emergency fund, which 20% of respondents aim to do this year.
The Fool recommends that beginner investors do this before starting an investment portfolio.
This is important to provide peace of mind and also to prevent investors from having to sell their shares, potentially at low points, to cover urgent, unexpected expenses.
A further 19% of Australians are aiming for a pay rise in FY25 to help them keep up with rising costs.
In terms of investment goals and choosing between shares vs. property, 13% of respondents said they wanted to put more money into shares, while 5% hoped to buy an investment property.
Homeownership is another goal for 8% of respondents.
5 blue chip ASX shares to buy based on top broker ratings
These large, well-established ASX 200 blue chip shares have attracted buy ratings from the brokers.
BHP Group Ltd (ASX: BHP)
The BHP share price is $39.45, up 1.64% today.
Morgans has an add rating on the world's biggest listed miner with a 12-month share price target of $48.30. This implies a potential upside of 22%.
Goldman Sachs is similarly bullish, with a buy rating and a $49.10 price target.
CSL Ltd (ASX: CSL)
The CSL share price is $300.65, down 0.33% on Friday.
Macquarie has an outperform rating on CSL shares. The broker predicts the CSL share price will rise about 10% over the next 12 months to $330 per share.
Bell Potter also has a buy rating on CSL and a price target of $316.50 on its shares.
Woolworths Limited (ASX: WOW)
The Woolworths share price is $34.60, up 0.39%.
Goldman Sachs sees great value in Woolworths shares right now. It has a buy rating on the supermarket stock with a price target of $40.20.
Goodman Group (ASX: GMG)
Goodman shares are trading at $35.40 today, up 2.49%.
Citi has a buy rating on this global industrial property specialist. Its 12-month price target is $40. You can read about the pros and cons of investing in ASX REITs here.
REA Group Ltd (ASX: REA)
REA shares are worth $200.79 today, up 0.72%.
Morgan Stanley has an overweight rating on REA with a share price target of $230. Goldman Sachs has a buy rating and a $221 price target.
