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ISCOVER
Staff Reporter
Almost one quarter of Australians are now considered “financially fit”, according to new research from Bankwest.
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Bankwest’s fifth annual Financial Fitness Index, found that Australians have improved their financial fitness over the past half-decade, with two per cent more of the population in better financial shape than in 2009
Bankwest retail chief executive Vittoria Shortt said a healthy savings mentality and a resilient local economy have led to a gradual improvement in the nation’s overall financial fitness.
The Bankwest Financial Fitness Index found that 58 per cent of Australians have changed their spending patterns over the last year, with the majority becoming more conservative.
“The GFC knocked local economic confidence, driving a conservative change in spending habits as more Australians became committed to growing their savings,” said Ms Shortt.
Australia’s baby boomers are the generation in the best financial shape, with 30 per cent considered financially fit, overtaking pre-boomers as the age group with the most financial stability.
The Bankwest Financial Fitness Index found that Australia’s Generation Y are the most careful with their money. Almost 70 per cent of Gen Y have changed their savings habits in the past year, with 56 per cent becoming more conservative.
“The proportion of Australians deemed financially unfit is declining across most states, with Queensland recording a very positive improvement. Some 7 per cent of Queenslanders considered financially unfit 12 months ago have improved their financial position to 'borderline' fitness,” said Ms Shortt.
