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ING DIRECT Financial Wellbeing Index (FWI) – Q2 2012 – Overall summary

Published on 24/07/2012

Overall

  • Household Financial Wellbeing Index is 105.6 (down from 106.9 in Q1)
  • All dimensions show a decline, including comfort with credit card debt, household bills, and household income
  • One quarter 26% say they have two or more superannuation accounts
  • Three quarters 74% of Australian households don’t know how their superannuation funds are allocated.
  • 23% of households are confident that their superannuation fund will deliver enough for them to retire comfortably. 77% are not.

Credit cards (personal debt)

  • Households across Australia have 1.9 credit cards on average
  • Approximately one in ten households (12%) have no credit card
  • The median outstanding balance on credits cards is $1,768 (down from $1,854 inQ1)
  • 61% say that they typically pay off their credit cards each month
  • 13% of households currently owe nothing on their credit cards (down from 16% in Q1)
  • 21% of households report having a personal loan, up from 17% in Q1

Savings

  • Across all Australian households the median savings level is $8,223 (up from $7,577)
  • 17% of households have no savings at all (down from 20%)
  • The average rating of their level of comfort with their household’s savings is 3.3 out of 7 – lowest across all measures

Mortgages

  • The proportion of mortgage free households in Australia is 28% this quarter (up from 26% in Q1)
  • A further one in four (28%) are renting; 39% own their home with a mortgage (down from 43%)
  • 48% of households are paying down mortgages ahead of time; 56% are paying as due; while 5% are getting behind in their mortgage.
  • The median outstanding mortgage balance is $181,344 ($182,581 in Q1)

Household income and bills

  • The median annual household income is $66,668 (down from $69,164 in Q1)
  • Ten per cent of households say that their household income is not enough to cover immediate bills and debts (up from 8%)
  • Nine per cent of households say that it is almost impossible to pay all the monthly bills on time

Investments

  • One in four (28%) of households have share-market investments (down from 31% in Q1)
  • 47% of households have no assets or investments outside of the family home
  • The median value of total assets in each household (including equity in the family home) is $194,911
  • 19% of households have an investment property
  • One in five (19%) households don’t have any investments/ assets at all

Download the full ING DIRECT Financial Wellbeing Index Q2 2012 PDF

Contact: Caroline Thomas, PR Manager, ING DIRECT, 02 9018 5160 or 0413 317 225. 

 

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