Household financial conditions mixed
Despite suggestions that many Australian households are finding the going tough in 2013, the latest data from the St George-Melbourne Institute Household Financial Conditions Index paints a steadier picture.
The index, released today, revealed a rise of 1.1 per cent to 125.7 for the quarter from March to June 2013, with the analysis saying 82 per cent of Australian households were in a stable financial position, with 43.6 per cent actually managing to put savings away during the period.
However the data, while broadly positive, also revealed a mixed picture, with age and the nature of employment playing an important role.
It pointed to financial conditions of the 18-24 age bracket improving by 13.9 per cent, while those aged 25 to 44 declined by 5.1 per cent.
As well, it said paraprofessionals/trades and sales/clerical occupations saw a 10.2 per cent decline in their financial conditions while, at a state level, Victoria experienced the greatest change in conditions, improving 10.1 per cent while South Australia recorded the largest decline of 8.1 per cent.
Recommended for you
ASIC has banned a former AFSL director after he failed to adequately address fees-for-no-service conduct by one of his firm’s representatives.
The Financial Advice Association Australia has appointed two new board members following two weeks of voting, as well as one re-elected member.
Advice licensee Bombora has introduced a board of six financial advisers from its national network to ensure industry voices are heard collectively on future decisions.
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
