 Confidence grows as investment markets, and home loans reach record interest rates.
A report by Research International shows many Australians are feeling confident in their own finances despite recent negative news on economic and investment markets, and home loans reaching record interest rates. Results show the majority of people feel better off financially than they did a year ago.
Thirty-eight per cent of the 2017 people interviewed in May and June said they felt they were better of than one year ago, with 36 per cent claiming they felt no change to their finances. 27 per cent said they felt worse off.
"While this is a simple consumer perception, we believe it to be a fair reflection of how Australians are currently feeling about their finances,'' Research International's State of the Wallet report says.
The main factors highlighted as having a positive effect were Improvements in government payouts, such as the baby bonus, tax cuts, employee shortages forcing higher wages and the fact that only one-third of Australians have a mortgage and therefore are exposed to interest rates.
A report by CommSec released in June highlights there are people getting richer or poorer due the current financial conditions.
The Research International report found that the under 30's were most likely to feel better off, due to living at home, less likely to have a credit card and least likely to have children.
People aged 50-60 had the highest amount of debts and 39 per cent were still paying a mortgage, although they also had the highest amount of savings and investments.
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