Feeling all right thanks to their buffer
THE majority of Australians are comfortable with their current financial situation, according to the tenth annual National Consumer Sentiment Survey from Mortgage Choice.
The online survey of 1015 Australians found 56.9 per cent of consumers are either ‘‘very comfortable’’ or ‘‘reasonably comfortable’ with their individual finances.
Mortgage Choice spokesperson Jessica Darnbrough said it was pleasing to see that most Australians have a positive attitude towards their finances. ‘‘With the cost of living on the rise, it is good to see the majority of Australians are still ‘comfortable’ with their financial situation. In fact, more than 33 per cent said they only worry about their financial situation when they have a big commitment,’’ Ms Darnbrough said.
When asked: ‘How often do you worry about your finances’, just 16.2 per cent said they worry on a ‘daily’ basis, while 21.9 per cent admitted to worrying on a monthly basis and 5.9 per cent indicated they worry only once a year.
Ms Darnbrough said this optimistic attitude towards finances was unsurprising given Australians are currently saving at record levels. ‘‘According to the survey, 33.3 per cent of Australians have saved more than 15 per cent of their after tax income this year. Moreover, 41.6 per cent of those with a mortgage admitted to having an after tax income buffer of three months or more,’’ she said. ‘‘Having a good buffer has become critically important for Australians as . . . the more they have in savings, the more comfortable and confident they feel.’’