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