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.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has launched court proceeding against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
