Who’s run­ning the show with your money?

Narrogin Observer - - News - Neale Prior

Many of us have wor­ries about pay­ing the bills, keep­ing on top of the mort­gage and the many other chal­lenges keep­ing a house­hold afloat.

Now West Aus­tralians can tell our State’s political and thought lead­ers about what keeps us awake at night and what keeps us go­ing through the day. Seven West Me­dia WA is launch­ing the big­gest ever sur­vey of our as­pi­ra­tions, anx­i­eties and at­ti­tudes to money. We want to work out who’s the boss in house­hold fi­nance, or if there are mul­ti­ple bosses. Maybe you fol­low a dis­ci­plined bud­get and save reg­u­larly, or maybe you live day to day and never worry about sav­ings or debt.

The sur­vey pre­sented by WA Su­per is de­signed to boost un­der­stand­ing of how we make fi­nan­cial de­ci­sions, how we mon­i­tor money and whether dif­fer­ences in at­ti­tudes cause house­hold ten­sions.

Re­spected re­search group CoreData is run­ning the sur­vey, which can be com­pleted anony­mously. It takes 12-15 min­utes to com­plete, de­pend­ing on how much de­tail you go into in your re­sponses.

CoreData WA di­rec­tor Kris­ten Turn­bull said the sur­vey was try­ing to find out who holds the purse strings in WA homes.

“It’s about un­der­stand­ing our at­ti­tudes to money, whether it is re­tire­ment plan­ning, sav­ing for a hol­i­day, pay­ing house­hold bills,” she said.

“We want to know how de­ci­sions are made. To what ex­tent are they made col­lec­tively or in­di­vid­u­ally.”

And here’s the mil­lion-dol­lar (or pos­si­bly the $100 or $500) ques­tion: what amount do you feel is “too much” to spend with­out telling your part­ner how you plan to spend it?

The sur­vey comes after a tough five years where a post-boom lull, weak hous­ing prices and low wage growth have com­bined to make life tougher for many WA house­holds. The ques­tions will seek to un­der­stand the sense of fi­nan­cial con­trol we now feel after some tough times, as well as any vul­ner­a­bil­ity we might feel to mort­gage-rate rises after two years of record low of­fi­cial in­ter­est rates.

Maybe you’re sat­is­fied with your abil­ity to put aside money to pay off the mort­gage and in­sure the car but don’t have the re­sources to prop­erly fund your life in­sur­ance or su­per­an­nu­a­tion.

Ms Turn­bull said she wanted to get an un­der­stand­ing about at­ti­tudes to the big gap be­tween the re­tire­ment sav­ings of women and men.

“How vul­ner­a­ble are we to re­ly­ing on our part­ner for our fi­nan­cial fu­ture,” she said. “How pre­pared are peo­ple feel­ing for their re­tire­ment.”

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