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Insights from National Research THE FINANCIAL PSYCHOLOGY OF AUSTRALIAN HOUSEHOLDS. INSIGHTS FROM NATIONAL RESEARCH. HOUSEHOLD FINANCIAL COMFORT REPORT. FOURTH SURVEY - JULY 2013. ABOUT THIS REPORT. The ME Bank Household The Household Financial Comfort THE ROAD FROM HERE. Financial Comfort Report provides Index specifically measures: The Household Financial Comfort in-depth and critical insights • Overall household financial Report reflects ME Bank’s mission into the financial situation of comfort by asking respondents to understand the financial Australians based on a survey to estimate their financial mindset of Australian households of about 1,500 households. comfort as well as their in order to deliver a fairer This Report presents the key expectations and confidence banking alternative. Over time, findings from the fourth survey across 11 measures, the Report will track changes in conducted in early June 2013, • Other findings about household comfort and in doing so, highlight following previous surveys in savings, investments, debt, the ongoing – and potentially October 2011, June 2012 and living expenses, net wealth and shifting – differences between December 2012. standard of living in retirement, household types, in terms of and financial comfort and behaviours The Report includes but is not in managing finances. limited to, the Household Financial • Financial management Comfort Index, which measures behaviours and worries. The Household Financial Comfort ongoing changes to households’ Report will be a source of ongoing perceptions of their own financial information to public policy comfort, providing important makers, financial institutions insights into the changing financial and social welfare organisations and economic psychology of and will hopefully assist in Australian households. decisions regarding taxation, superannuation, banking, financial regulation, welfare reform, financial education and other related matters. ABOUT ME BANK: SPECIAL THANKS: CONTACT US: ME Bank is 100 percent owned ME Bank would like to thank Matthew Read, by Australia’s leading industry three organisations involved in Media and Communication Manager super funds. It provides members the design and development of ME Bank of eligible super funds, unions the ME Bank Household Financial P (03) 9708 3334 and employer associations Comfort Report – Baker Group, E [email protected] with a genuinely fairer banking DBM Consultants and Economics Level 28, 360 Elizabeth Street alternative. & Beyond. Melbourne VIC 3000 Australia, mebank.com.au 3 Household Financial Comfort Report July 2013 CONTENTS. 1. KEY FINDINGS 1 2. ECONOMIC CONTEXT 3 3. HOUSEHOLD FINANCIAL COMFORT INDEX 5 4. CHANGING COMFORT LEVELS WITH KEY FINANCIAL ASPECTS 1 1 5. SAVINGS BEHAVIOUR OF AUSTRALIAN HOUSEHOLDS 1 5 6. BALANCING THE COST OF NECESSITIES WITH OTHER WORRIES 21 7. EMPLOYMENT STATUS AND FINANCIAL COMFORT 23 8. APPENDIX A: HOUSEHOLD STATISTICS 25 9. APPENDIX B: METHODOLOGY 26 ONE: KEY FINDINGS. • In June 2013 Australian • In stark contrast to others, the • Across all households the top households reported medium financial comfort of ‘Retirees’ four worries have remained comfort levels with their overall (in particular, partly government largely unchanged over the financial situation (up 4% to funded retirees) deteriorated past six months: the cost of 5.5 out of 10) – a significant by 5% during the past six necessities was the greatest improvement since the previous months. All drivers of ‘Retiree’s’ worry across all households survey in December 2012, financial comfort deteriorated, with more than 50% of and the highest level since the particularly investments, households identifying it as inaugural ME Bank Household ability to handle a financial a worry, followed by level of Financial Comfort Report was emergency, and standard of savings and cash on hand, conducted in October 2011 - living in retirement. This largely ability to maintain lifestyle and page 5. reflects the negative impact standard of living in retirement, • Most household segments of lower deposit rates on their and how the global economy experienced an improvement investments given their relatively will affect Australia. In contrast, in financial comfort during high and defensive exposure households with high comfort the past six months – driven to bank deposits rather than levels were increasingly worried by gains in all eleven drivers, growth assets, such as shares about the impact of legislative with larger contributions to the and investment properties. change on their financial uplift coming from investments, Unlike most other households, situation – up 10% to 31% of savings, ability to handle an ‘Retirees’ have experienced households with high comfort. emergency, and standard of little, if any benefit from lower The greatest positive among living in retirement. ‘Empty borrowing rates given a lack households is their ability to Nesters’ felt the biggest of debt. Moreover, the vast make ends meet, with 36% improvement – up 12% majority of their wealth is of households identifying this during the past six months. somewhat illiquid equity in their as a positive - page 21. The positive effects from a owner-occupied home - page 7. • Reflecting improved overall strong rise in share markets financial comfort, most and to a lesser extent the households are somewhat Australian housing market optimistic about their have helped to boost the financial situation over the value of direct investments next year with only a fifth of and superannuation of most households expecting their households - page 7. financial situation to worsen, about 30% of households expect their situation to stay the same, and almost half of households’ expect an improvement in their situation. “ DROPPING INTEREST While for most household types RATES ON SAVINGS AND a (net) majority expect their financial situation to get better, TERM DEPOSITS MEAN almost 36% of retirees expect their situation to get worse LOWER INCOME FROM compared to only 22% who expect a better situation THESE PRODUCTS.” - page 5. RETIRED COUPLE, NEW SOUTH WALES 1 Household Financial Comfort Report July 2013 • In terms of state variation, • Risk appetites have increased household financial comfort over the past six months. continued to improve in most Complete financial risk- regions. Following significant avoidance fell by 7% to 16% gains during consecutive of households, matched in part half years, comfort in South by an increase in households “ WE WORKED Australia is above comfort willing to take average financial VERY HARD TO across Australia as a whole, risks (up 3% to 44%) and after experiencing the lowest households willing to take OVERPAY OUR comfort levels in June 2012. above average financial risks Comfort levels remained the (up 2% to 18%). Only 4% of MORTGAGE lowest in Tasmania and the households remained willing PRIOR TO highest in the ACT and to take substantial risks, Western Australia - page 8. with no households among HAVING • Households’ saving situation ‘Retirees’ and ‘Empty Nesters’ CHILDREN. has improved slightly, with willing to take substantial risk. a 4% fall in the proportion of Currently, only ‘Young singles/ WE ARE households struggling to save couples with no children’ each month, from 53% in are net risk lovers with those VERY HAPPY December 2012 to 49% in willing to take substantial risk WITH THIS June 2013. In dollar terms, outnumbering those unwilling for those families spending to take any risk - page 20. DECISION more than they earn, the • Despite an improvement average amount spent in the savings situation of NOW.” each month above income households, rising financial COUPLE WITH YOUNG CHILDREN, decreased from a high of $701 comfort with cash savings SOUTH AUSTRALIA. (almost $8500 per annum) and investments and slightly in December 2012 to $395 less risk aversion in the past ($4740 per annum) in June six months, households with 2013, mainly reflecting less discretionary savings continued overspending by ‘Couples to prefer to make larger loan with children’ - page 15. repayments (up 6% to 56% • There was significantly lower of households), rather than financial comfort among invest in direct shares and ‘Casual’ workers, who had the bonds (unchanged at 22%) lowest levels of comfort for or make voluntary contributions people with jobs (unchanged to superannuation (33%) at an index of 5.15 during the - page 20. six months to June 2013), compared to relatively high comfort levels for people in ‘Full-time paid employment’ (up 6% to an Index of 5.78) – page 23. Household Financial Comfort Report July 2013 2 TWO: ECONOMIC CONTEXT. Overall Australian households have continued a more prudent approach to finances during the first half of 2013. On a positive note, there has been a strong boost to net wealth from higher equity prices and moderate house price rises as well as easing debt burdens from falling borrowing rates. In contrast, real income gains (after rising consumer prices) have remained modest, gearing is still relatively high, and the labour market has weakened further. Recent trends in the latest official • Household consumption • Growth in household debt has estimates and other private sector spending has kept broadly in remained subdued overall. reports have shown: line with slower income growth The amount of housing credit and there has been a continued continued to grow at an annual • Consumer confidence has shift from spending on rate of about 4.5% in the been relatively flat in the past discretionary to essential items. first half of 2013. There
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