Aussies enjoying peak financial health
Financial wellbeing among Australians is at record highs, and many have big plans to save on costs, the ING Direct Household Financial Wellbeing Index showed.
The index climbed to 111.8 in Q4 2014, the highest score since the index started in Q1 2010 and up from 110.9 in Q3 2014.
Majority of the 1011 households surveyed (79 per cent) said they would be looking for savings from key suppliers, with 57 per cent looking for savings on groceries and 50 per cent looking to save on power bills.
Almost half (45 per cent) are looking to save on phone, internet and pay TV bills while 40 per cent want to cut costs on insurance premiums.
Those looking to save can expect to save 22 per cent on key household expenses.
More than half (53 per cent) saved on key expenses just by asking for it.
"It's all about making our money work harder and actively seeking better value rather than having to make cutbacks," executive director, customers, John Arnott said.
On insurance, majority (71 per cent) will hunt for a better deal from a different provider, while half (49 per cent) will negotiate with their current provider, and 17 per cent will cancel redundant policies.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
