Lifestyle preservation and Budget prime concerns for Aussies
Almost half of Australians worry they won't be able to uphold their current way of living due to growing cost pressures, a survey has revealed.
As a consequence, around two in five Australians will cut down their living costs, while almost a third will target discretionary spending this year, the ING Direct quarterly report revealed.
While 47 per cent feared their lifestyle would be affected, 45 per cent were most worried about new costs from the latest Federal Budget.
Other concerns included large one-off costs like car maintenance (31 per cent), job stability (25 per cent) and increasing debt (18 per cent).
"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.
"On the plus side, households are taking responsible steps to preserve and even improve their financial wellbeing, with many looking at ways to actively cut costs rather than relying on increased debt, which can lead to greater financial pain further down the track."
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