Aussies enjoying peak financial health
Financial wellbeing among Australians is at record highs, and many have big plans to save on costs, the ING Direct Household Financial Wellbeing Index showed.
The index climbed to 111.8 in Q4 2014, the highest score since the index started in Q1 2010 and up from 110.9 in Q3 2014.
Majority of the 1011 households surveyed (79 per cent) said they would be looking for savings from key suppliers, with 57 per cent looking for savings on groceries and 50 per cent looking to save on power bills.
Almost half (45 per cent) are looking to save on phone, internet and pay TV bills while 40 per cent want to cut costs on insurance premiums.
Those looking to save can expect to save 22 per cent on key household expenses.
More than half (53 per cent) saved on key expenses just by asking for it.
"It's all about making our money work harder and actively seeking better value rather than having to make cutbacks," executive director, customers, John Arnott said.
On insurance, majority (71 per cent) will hunt for a better deal from a different provider, while half (49 per cent) will negotiate with their current provider, and 17 per cent will cancel redundant policies.
AUTHOR
Malavika Santhebennur
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
