Half of Australian households fear they won't be able to maintain their standard of living as financial wellbeing has deteriorated over the second quarter of the year.
The latest ING
Direct Household Financial Wellbeing Index found that financial wellbeing among households declined for the second quarter of the year. Preserving their current lifestyle has become the top concern for 47% of Australian households, and 41% say they will aim to reduce living costs in the year ahead.
The Federal Budget continues to be a concern for households, with 45% of the survey's respondents saying they were worried about managing new costs as a result of the budget. Job stability is a concern for 25% of households, with that number rising to 40% for Gen Y households.
"It’s worrying that maintaining rather than improving lifestyle has become the key concern as Australian households deal with costs rising faster than incomes," ING
Direct executive director of customer John Arnott said.