Mortgage Choice survey shows how Aussies feel about their money in 2016.
A survey from Mortgage Choice has profiled the financial comfort of Australians in 2016. Researches from one of Australia’s biggest mortgage broker companies collected responses from people in Australia’s largest states: New South Wales, Queensland, Victoria and Western Australia.
The survey asked people to identify how often they worried about money, their level of financial comfort and their biggest financial concerns for 2016. The data shows utility bills, job security and interest rates are on the minds of everyday Aussies.
Utility prices the biggest financial concern for Australians in 2016
The survey found the electricity bill is causing the greatest financial grief for Aussies, the national average, 34.4% said paying utilities bill is their biggest financial concern in 2016. More West Australians worry about paying their electricity and gas bill, 39.6% said it was their number one concern over interest rates, the cost of housing, job security, the Aussie dollar and the cost of living. The data shows people living in New South Wales have the least concern about the cost of utilities like power, job security is a bigger headache for NSW residents in 2016.
Compare utilities suppliers and find how much you can save by switching energy plans. There are even energy brokers who can do the hard work for you by finding you a cheaper deal. It only takes minutes to compare quotes and your can have your new electricity plan up in running in around one business day.
Queenslanders are struggling
Australians are racking up more debt than ever trying to stay afloat. According to the Mortgage Choice research, Queenslanders are suffering the most financially, 9.4% of survey respondents said they are very uncomfortable with their finances in 2016. Queenslanders also worry about their finances the most.
1 in 5 Queensland residents say it distresses them on a daily basis. South Australians are on the other end of the scale, they had the highest percentage of people who are financially very comfortable and the second lowest rate of people who say they’re battling with money. Approximately 40% of people surveyed said they were reasonably comfortable in their finances.
16.4% of Australians said interest rates were their number one financial concern in 2016. More Victorians said mortgage rates was their biggest worry (24.5%) compared to West Australians (10.2%) and New South Wales residents (18.6%).
If you’re feeling the interest rate pinch, you can compare home loans to find yourself a better deal. Comparison services like this one make it easy to put offers side by side. You can use our online calculators to see how much time and money you can save from even a small reduction in your mortgage rate. We also provide in-depth reviews of different home loans and can direct you to a secure online loan application page.
Savings accounts interest rates have decreased in recent years, but it’s still possible to get up to 3.50% on your savings. High interest savings accounts offer bonus interest as an incentive to keep saving, other high interest savings accounts give you a high interest rate for an introductory period. There are also competitive term deposit offers on the market too. Be sure to keep an eye on what the banks are doing so you can get the lowest interest rate on your mortgage and highest interest rate on your savings.
See the original data below
Mortgage Choice 2016 National Survey
|How often do you worry about your finances?||National||NSW||VIC||QLD||SA||WA|
|Once a year||6.3%||9.0%||5.5%||5.5%||5.0%||6.4%|
|Only when I have a big financial commitment.||28.9%||31.0%||32.0%||21.3%||34.1%||25.7%|
|How comfortable are you with your current financial situation?||National||NSW||VIC||QLD||SA||WA|
|What’s you biggest financial concern for 2016?||National||NSW||VIC||QLD||SA||WA|
|House prices (fall and/or rise)||7.6%||9.0%||4.5%||5.0%||7.9%||11.4%|
|Aussie dollar (rising or falling)||3.4%||4.8%||2.5%||3.0%||5.4%||1.5%|
|Other cost of living||12.0%||14.8%||14.0%||11.9%||9.5%||8.1%|