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Australian households are experiencing record-high levels of financial wellbeing, according to the ING DIRECT Financial Wellbeing Index.
The third quarter results for 2013 show the Financial Wellbeing Index is at its highest level since the index began in 2010.
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The quarterly index monitors household comfort levels across six key aspects of personal financial wellbeing, including credit card and mortgage debt, savings, investments, household income and ability to pay bills.
Executive director of customer at ING DIRECT John Arnott said low interest rates have helped improve the financial situation of many Australian households.
“Low interest rates and improved confidence have given households a tremendous boost - especially in the key areas of home loan and credit card debt,” he said.
The results indicated 69 per cent of households were ‘very comfortable’ with their mortgage, up four per cent from the previous quarter.
The index score increased to 111.5 for the third quarter, up from 107.8 in quarter two – this is the first time the index has exceeded 110.
