Home, Car or Wedding?

Analysing the ‘ultimate’ savings goals

Henry Man

May 8, 2024

Saving for a home can be costly.

Amid challenging economic times, there may be other priorities such as paying the rent, bills and food that can get in the way for saving up for a home deposit.

As experts in helping Australians to compare home loans, we explored what people want to save up for most – a home, car or retirement – and other general savings across four continents using average yearly online search volume data.

Here’s what we found.

The savings dream: Home, car or wedding?

Money saving searches by topic graph

Search volume between March 2023 to February 2024. Percentages were rounded to the nearest two decimal places.

Overall, across five sampled countries, interest in saving for a home dominated across all sampled countries in the past year (3,285,130 total searches).

This was followed by saving for a vehicle (381,380) and saving for a wedding (333,550).

Delving into the data of each nation, these were the key takeaways:

  • Saving for a home – The British had the highest portion of searches that sought to save for a home the most (86.86%), closely followed by Australians (86.25%), New Zealanders (83.64%), Americans (80.70%), and Canadians (75.48%)
  • Saving for a car – Canada attracted the most search volume for how to save a car (16.56%). This contrasts to the United States (9.65%), New Zealand (9.48%), Australia (8.64%), and the United Kingdom (6.85%)
  • Saving for a wedding – Americans searched for saving for a wedding the most (9.65%), ahead of Canadians (7.96%), Kiwis (6.88%), the British (6.29%), and Australians (5.11%)

Electricity power lines on farm land

Everyday cost-of-living saving searches

New Zealand12,06070,55014,350
United States113,390373,89051,700
United Kingdom138,1501,035,09098,350

Search volume between March 2023 to February 2024.

Whether it’s aiming for a new home, car or better retirement, these ‘big’ savings goals can take time and cost-cutting in everyday essentials.

According to the total search volume data across five sampled countries from the past year, most wanted to save money on electricity bills (4,928,060 total searches), followed by groceries (1,365,580) and fuel (670,030).

This is an interesting revelation amid cost-of-living pressures – indicating more people are actively searching to save on energy bills, rather than food essentials and vehicle running costs.

How to ensure a home loan remains affordable

With most people’s interest lying in saving for a home, Compare the Market’s General Manager of Money, Stephen Zeller, said a home loan is the typical pathway for Australians to own a property – but not all lenders are equal.

“If you’re looking to buy a property, you likely won’t have enough money to cover the full purchase price. Therefore, you may decide to apply for a home loan,” Mr Zeller said.

“However, each lender will offer different comparison and interest rates – which means you can ultimately be paying more for your home at the end of the loan, depending on who you go with.

“Those who currently have mortgages – especially those coming off fixed rates – should also compare the offerings out there to decide whether switching may provide features and rates that better suit your situation.”

Methodology & Sources

Data collected on 25 March 2024 using Google Keywords Planner.

The search volume data is based on the average of five major countries in a 12-month period (March 2023 to February 2024).

We combined three common search phrases (in English) to result in each savings topic. For example, search volume for saving for a home included:

  • How to save for a house
  • How to save for a home
  • Home saving tips

Percentages were rounded to the nearest two decimal places.

Full Data: Total Money-Saving Topic Search Volume

New Zealand55,5906,3004,570
United States1,929,090230,640230,640
United Kingdom737,43058,14053,410