Many of us will be looking to improve our fitness, further our careers, better our relationships, organise our lives and quit bad habits as we ring in the new year.

According to research from Finder, 72 per cent of Australians - almost 14 million people - set at least one New Year's resolution in 2022.

Personal coach and founder of Complete Leader Melinda Fell said the new year provides a time for reflection and self-evaluation.

"The end of the year is definitely a milestone and it gives us time and space to consider what's important to us," Ms Fell said.

"And I also think it offers a sense of personal potential and opportunity."

But pitfalls of choosing January 1 to set goals can include being hasty and unrealistic.

"If we don't have a structured plan or a support system in place, it can be challenging to maintain [goals] - this is where lots of people can get stuck and lose momentum or motivation," Ms Fell said.

"Make sure you have an accountability buddy that helps you if you face obstacles that may hinder your progress."

Ms Fell also suggested breaking down goals into small, practical steps that will help create wins along the way.

Research fellow for Australian Catholic University's Institute of Positive Psychology and Education Emma Bradshaw said self-sustaining goals were the key to setting New Year's resolutions.

According to Dr Bradshaw, a person's state of mind and their intent have a major impact on creating achievable targets that benefit wellbeing.

"People who are quite happy, feel like they're in charge of their lives, who feel confident and capable, connected to people who love them, do tend to orient towards self-sustaining goals," Dr Bradshaw said.

These are goals that, for example, involve learning, growing, contributing positively to the community, creating friendships and being physically healthy.

READ MORE:

"But if you come into goal-setting from a frustrated point of view then you could be tricked into thinking things like earning money, being popular or being influential might be an easy way into happiness," Dr Bradshaw said.

These differing types of goals are called intrinsic (non-materialistic) and extrinsic (materialistic).

The key distinction between the two, Dr Bradshaw explained, was enjoying the process of reaching a target as was more often the case with intrinsic goals.

"Ideally, you would be making it about achieving important steps along the way," Dr Bradshaw said.

"Such that you could enjoy the journey ... that's what makes the goal self-sustaining."

But is there scientific value to setting these goals on January 1?

"No, I haven't seen studies that separate type of goal by when the goal is set," Dr Bradshaw said.

Goals can be set at any time of the year - not just when a new calendar ticks over, she said.