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More than half of all Australians are comfortable with their current financial situation, while one third claim to have saved more than 15 per cent of their after-tax income this year, according to Mortgage Choice.
The tenth annual National Consumer Sentiment Survey from Mortgage Choice, released yesterday, included some surprising results.
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“With the cost of living on the rise, it is good to see the majority of Australians are still ‘comfortable’ with their financial situation,” spokesperson Jessica Darnbrough said.
“In fact, more than 33 per cent [of survey respondents] said they only worry about their financial situation when they ‘have a big commitment’.”
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 only worry once a year.
“Moreover, 41.6 per cent of those with a mortgage admitted to having an after-tax income buffer of three months or more,” Ms Darnbrough said.
“Having a good financial buffer has become critically important for Australians as their comfort levels now seem to be directly proportionate to their level of savings.
“The more they have in savings, the more comfortable and confident they feel,” she said.
Other data revealed 55 per cent of respondents believe the economy will remain strong throughout 2014.
