'Financial confidence' bounces back
Australians are becoming more confident about their financial stability, new research has revealed.
According to the latest ING DIRECT Financial Wellbeing Index, 28 per cent of Australians are prepared to start spending over the festive season, following a period of frugality and personal debt reduction.
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In addition, 59 per cent of households are now saying they are comfortable with mortgage debt.
After bottoming in Q1 of 2011, financial confidence has risen to 105.9 2011 from 104.8 this time last year.
ING DIRECT chief executive Don Koch said the results prove Australians are becoming more confident and comfortable with the current interest rate environment and future outlook.
“Despite a volatile quarter in financial markets, Australian households are proving their resilience as they get debt under control and build a strong savings base,” he said.
“Australians have worked hard to improve their financial position over the past two years. We now have a very clear perspective of what’s happening in terms of financial confidence, and households clearly feel better about reduced credit card debt and increased personal savings. Overall, many households are well-placed financially.”
