“No worries”? Not quite. ING finds Australians are cutting back, but saving with purpose

Australians are reportedly still feeling the weight of cost-of-living pressures, but new research from ING, Australia’s most recommended bank*, reveals a more nuanced picture – one where optimism, adaptability and a focus on saving are reshaping how people manage their money.  

According to ING’s Sense of Us 2026 report, despite 83% of surveyed Australians saying cost of living is a major issue, nearly two in three (64%) feel positive about the year ahead – with Gen Z leading this optimism (82% vs 49% of Baby Boomers), suggesting a potential generational shift in how money is understood and managed.  

Rather than waiting for economic conditions to improve, the data suggests people are focusing on what they can control – from how they spend, to how they save, and what they prioritise, with saving money remaining central to this mindset shift. 

Melanie Evans, CEO at ING Australia said the findings could suggest a fundamental difference in how Australians are approaching money in 2026. 

“Australians are undeniably under pressure, but what’s striking is how people are responding by focusing on small wins, building savings where they can, and taking back a sense of control. 

“What we’re seeing, particularly among younger Australians, is a more adaptable and forward-looking mindset. Saving is no longer about putting life on hold for a big milestone, it’s about the everyday money wins. Those choices are helping people improve their financial position while still creating the freedom to enjoy life. 

“Insights like these are critical in shaping how we show up for customers. At ING, we use research like this to guide the decisions we make, from how we design our products and features, to the tools and support we provide, so we can better meet Australians where they are and help make saving simpler and more achievable in the moments that matter.” 

While financial pressures remain, 45% of those surveyed said saving money remains the number one financial goal for them in 2026, followed by travel (31%), investing (19%) and a career change (12%).  

Gen Z are saving with the broadest ambition. 71% are reportedly saving for something specific, led by personal development and education (40%), followed by travel (37%), a car (24%) and home deposits (20%). Millennials are focused on family wealth and are the most likely of any generation to be saving for children’s education (20%) and home deposits (21%). 

Matt Bowen, Head of Consumer and Market Insights at ING says the data highlights a more engaged and self-directed consumer mindset. 

“Beyond saving, this year’s findings also suggest that the traditional money playbook might be changing. The research suggests a shift away from the path that has been followed by previous generations, toward a more self-directed approach, enabled by digital. 

“In 2026, financial confidence seems to be less about broader economic conditions, and more about how individuals feel about their own day to day money habits. What this points to is a potential shift in how Australians are defining progress – it’s less about the big financial milestones and more about consistency, control and feeling on track in everyday moments. 

“As a result, we’re seeing consumers take a more active, considered role in managing their money, with behaviours shaped as much by mindset as circumstance.” 

The Sense of Us report is based on a nationally representative survey of more than 2,000 Australians, providing a comprehensive view of how households are navigating money in today’s environment.  

Read the full Sense of Us 2026 report here.