Feel­ing all right thanks to their buf­fer

Port Douglas & Mossman Gazette - - FRONT PAGE -

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.’’

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