Hervey Bay Independent : 9th July 2015
Australians ‘worried’ about their fi nancial situation: Mortgage Choice survey New data has found the vast majority of Australians are “worried” about their fi nancial situation. According to Mortgage Choice’s 2015 Money Survey, 53.6% of Australians indicated that they were either “very worried” or “concerned” about their fi nances – slightly up on this time last year. Local Mortgage Choice franchise owner and mortgage broker Peta Short said while the vast majority of respondents are concerned by their fi nancial situation, the survey shows most Australians are actually saving more money and paying off debt faster than ever before. “When asked how much debt (excluding a mortgage) they had, 56.0% of Australians said they had less than $10,000 in debt, with 43.2% of those saying their debt was actually less than $5,000,” she said. “Furthermore, one in every three Australians indicated that they had more than $20,000 in savings – up from previous year. In 2014, less than 30% of respondents indicated that they had more than $20,000 in savings, with 49.9% stating that they had less than $10,000 stored away in their Table 1: Financial concerns How worried are you about your current financial situation? Very worried Slightly concerned Neutral Not concerned Table 2: Debt levels How much debt do you have (mortgage excluded)? Less than $5,000 $5,001 - $10,000 $10,001- $20,000 $20,001 - $30,000 $30,001 - $40,000 $40,001 - $50,000 More than $50,000 About the survey Market research company Nine Rewards was commissioned by Mortgage Choice to conduct the 2015 Money Survey. The online survey was conducted in March 2015 and completed by 1,026 Australians from a range of fi nancial backgrounds including fi rst homeowner, next homeowner, homeowner and investor, investor only and not a mortgage holder. Important information This article is for general information purposes only. It has been prepared without considering your objectives, fi nancial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances. About Mortgage Choice Mortgage Choice is an ASX listed company that seeks to help Australians with all of their fi nancial needs. Established in 1992, Mortgage Choice was originally established to help Australians improve their fi nancial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional. Since that time, the company has grown and developed into a fully fl edged fi nancial services provider. Today, Mortgage Choice helps customers source car loans, personal loans, credit cards, commercial loans, asset fi nance, deposit bonds, and risk and general insurance. Further, the company offers Australians access to real, relevant and affordable fi nancial advice through our qualifi ed fi nancial advisers. Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profi ts and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA). Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC. Recent recognition: 2013, 2012, 2011 Australian Broking Awards Major Brokerage of the Year – Franchise; 2013, 2012 Australian Broking Awards Best Ethical/Social Responsibility Program; 2012 Australian Broking Awards Best Training and Education; No.1 on The Adviser magazine’s 2012, 2011, 2010 and 2009 Top 25 Brokerages list; 2012, 2010, 2009, 2008, 2006 and 2005 MFAA Awards Retail Aggregator/Originator of the Year; 2011, 2010, 2009 and 2008 10 Thousand FEET Top 10 Franchise list; 2010 Forbes Asia-Pacifi c Best Under A Billion list. Visit www.mortgagechoice.com.au or call customer service on 13 6678. If you want to learn more about your home loan options call Peta’s team on Hervey Bay 4124 7822 or Maryborough 4123 5022 MortgageChoice.com.au/peta.short or facebook.com/petashort National 43.2% 12.9% 11.6% 8.2% 3.5% 3.2% 17.4% NSW VIC 37.5% 11.5% 9.0% 12.0% 4.5% 6.0% 19.5% QLD 55.0% 9.5% 11.5% 5.0% 2.0% 1.5% 15.5% 40.3% 13.4% 14.4% 6.5% 2.3% 3.2% 19.9% SA 40.5% 18.5% 11.0% 6.5% 4.0% 1.5% 18.0% WA 43.0% 11.0% 12.5% 9.5% 5.0% 4.0% 15.0% National 11.5% 42.1% 27.1% 19.3% NSW VIC 15.0% 9.0% 45.0% 42.0% 24.5% 15.5% QLD 9.3% 36.6% 28.0% 32.9% 21.0% 21.2% SA 10.5% 44.5% 23.5% 21.5% WA 14.5% 42.5% 25.5% 17.5% bank account. “Finally, the majority of Australians said they like to keep a close eye on their day to day spending habits, with 60.8% admitting they check their bank accounts at least once a week – up from 55.9% in 2014. “All of this data would suggest Australians are becoming increasingly savvy when it comes to managing their fi nances and controlling their spending.” Of course, while the survey results would suggest Australians continue to hone and improve their money management skills, Peta said the fact that so many Australians are worried about their fi nancial situation cannot be underestimated. “For those who do worry about their fi nancial situation on a regular basis, there are a few easy tricks they can implement to better manage their fi nances, save more money and pay down their debts faster,” she said. Peta identifi es the top three tips Australians can implement to better manage their fi nances: • Consolidate: If you have quite a bit of credit card debt or a few personal loans with high interest rates, you might consider consolidating this debt into your home loan. Consolidating your existing debt into your home loan can help you to reduce the interest you pay on each of your debts – as the interest rate on a home loan is generally a lot lower than the interest charged on credit cards. • Use a high interest savings account: By investing your money into a high interest savings account you could be regularly earning interest on your savings. These accounts often cannot be accessed via ATM or EFTPOS, which should also help to reduce any impulse spending. • Transfer balances: If you have a sound credit history but a few credit cards with high interest rates, you may be able to negotiate with your fi nancial institution to have your credit card debt transferred onto another card with a lower interest rate. Sometimes you can even get a low introductory interest rate and use this period to make extra payments on your card.
2nd July 2015
16th July 2015