Financial confidence amongst Australian households has continued its upward trajectory in the second week of 2014.
According to the latest Roy Morgan Consumer Confidence survey, household confidence rose another 1.1% this week, the second straight week of increases.
Roy Morgan executive chairman Gary Morgan said consumer confidence is traditionally at its highest in January.
“Driving this week’s increase is increased confidence about people’s personal financial situations compared to a year ago with 33% (up 4%) of Australians saying they are ‘better off financially’ than this time last year – the highest since October 26/27, 2013,” said Morgan.
Young adults between 25 and 34 are the most confident about their finances, while 18-24 year olds saw the biggest increase in confidence in the past week.
Looking ahead, Australians are still confident about their personal finances over the next 12 months with 42% of Australians expecting to be ‘better off’ financially this time next year compared to only 13% that expect their family to be ‘worse off’ financially.