52% intended to plan or save ahead, but were derailed by unexpected costs.
· 33% say unplanned expenses are the number one reason savings fail.
· 24% are living pay-to-pay.
· 14% forget to start early enough.
· Nearly 40% don’t save specifically for Christmas.
Tasmanian households expect to spend $1,150 on average, up 12% from last year.
· Total expected spend is $1,058 above regular monthly costs.
· Families with children expect to spend 33% more ($1,401).
· 1 in 3 Tasmanians expect to go into debt to cover Christmas costs.
· National context: 72% of Australians say Christmas is the most financially stressful time of year.
New research reveals that Tasmanian women are shouldering a disproportionate share of the financial and emotional burden of Christmas, as everyday pressures derail savings plans and push festive budgets off track.
The MyState Bank Christmas Savings Research, which surveyed more than 400 Tasmanians, paints a picture of households wanting to plan and save for Christmas — but finding that real life often gets in the way. And for women, the strain is significantly higher.
Women Face the Sharpest Christmas Stress
· Women are 50% more likely than men to say Christmas is more financially stressful than the rest of the year.
· They are three times more likely to say this Christmas feels much more stressful than last year.
· Women consistently report higher pressure around organising, planning, shopping, and navigating family expectations.
· They are also more likely to rely on buy-now-pay-later options to cover costs.
Tasmanians Want to Save — But Life Happens
· 52% intended to plan or save ahead, but were derailed by unexpected costs.
· 33% say unplanned expenses are the number one reason savings fail.
· 24% are living pay-to-pay.
· 14% forget to start early enough.
· Nearly 40% don’t save specifically for Christmas.
The Emotional Toll of Christmas Expectations
Parents with children under 18 are among the most stressed, while one in four Tasmanians say they “want to save but struggle to stick with it.” Women report greater pressure from family dynamics, social expectations and time demands.
MyState Bank Response
MyState CEO and Managing Director Brett Morgan says: “This research shows something important: people care, they try to plan — but the reality of everyday pressures makes saving incredibly hard.”
“A simple savings habit can give Tasmanians something incredibly valuable: a sense of control.
“Regular savings, started early, can smooth out the rough edges of the year and help families avoid relying on debt when Christmas comes around.”
“Regular saving gives people options — and options reduce stress.”
“Small, steady deposits can make a big difference at the end of the year.”
MyState Bank today launched a new savings account without tricky conditions. The Hello Saver account has a welcome interest rate of 4.60% p.a up to $100,000 and an ongoing rate of 4.25% p.a.
Customers can access the rates without needing to meet onerous conditions to grow their savings.
Additional findings
Christmas Spending & Financial Pressure
· Tasmanian households expect to spend $1,150 on average, up 12% from last year.
· Total expected spend is $1,058 above regular monthly costs.
· Families with children expect to spend 33% more ($1,401).
· 1 in 3 Tasmanians expect to go into debt to cover Christmas costs.
· National context: 72% of Australians say Christmas is the most financially stressful time of year.
Stress Drivers & Holiday Pressures
· Financial pressure – 51%
· Time pressure – 34%
· Social expectations – 30%
· Family/relationship dynamics – 29%
· These breakdowns were not included in your media release.
Planning Behaviors & Saving Patterns
· 20% plan for Christmas more than six months ahead.
· 39% don’t save specifically for Christmas at all.
· Only 28% of Australians started saving early for Christmas 2025 (national benchmark).
· Tasmanians expect to spend over $1,058 above their usual costs — highlighting the gap between planning and reality.
Payment Choices & Barriers to Saving
· 34% expect to use credit cards for Christmas costs.
· 17% expect to use buy-now-pay-later.
· 54% of people who tried to save gave up due to bank account conditions like:
· Minimum deposits
· Lock-ins
· Restrictive rules
About Research
The Tasmanian Christmas Savings Research was conducted by Creak & Ford for MyState Bank between 31 October and 11 November 2025, with a representative sample of 408 Tasmanians.
ENDS
Contact
Media Relations
David Breen
[email protected]
+ 61 412 933 060
About us:
About MyState Limited
Registered Office: 137 Harrington Street, Hobart 7000
MyState Limited (ABN 26 133 623 962) is the ASX-listed (MYS) non-operating holding company of the diversified financial services Group consisting of MyState Bank, Auswide Bank and TPT Wealth, a trustee and wealth management company. MyState Bank and Auswide Bank are regulated by the Australian Prudential Regulatory Authority. MyState Bank, Auswide Bank and TPT Wealth hold Australian Financial Services Licences issued by the Australian Securities and Investments Commission.
Contact details:
Contact
Media Relations
David Breen
[email protected]
+ 61 412 933 060