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.