ING DIRECT Financial Wellbeing Index (FWI) – Q2 2012 - State by State Snapshot Nationally 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... July 24, 2012 Nationally 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. NSW 27% of NSW households understand where their super savings are invested 73% say their super won’t provide a comfortable retirement The Financial Wellbeing Index rose to 108.1 for NSW (up from 105.2 in Q1) The median credit card balance has dropped to $2,051 in Q2 down from $2,609 in Q1 62% of home owners are ahead with their mortgage – the highest proportion of any mainland state. VIC The Index for Victoria fell to 105.5 in the second quarter (from109.0 in Q1) Only 26% of Victorian households understand how their superannuation is invested.  One in four (25%) households are confident their super will provide a comfortable retirement Average credit card debt per household rose from $1,467 in Q1 to $1,611 in Q2. QLD The Index for Qld is 100.6 in Q2 2012, down from 109 in Q1 (and below the National average of 105.6) Only 15% of Queenslanders are confident their super will deliver enough to retire comfortably One in four (23%) who lack confidence plan to sell assets to boost retirement income. Almost one in ten (8%) are pinning their hopes on an inheritance – a figure that rises to 13% among the state’s baby boomers. SA The Index for SA rose to 104.0 (from 103.5 in Q1) Eight out of ten (82%) SA households don’t think their super will be enough to fund a comfortable retirement. Only 26% of SA households understand how their super is invested Almost half (42%) of those who lack confidence in their super aren’t sure how to bridge the gap WA The Index reached 108.3 in Q2 2012, above the national Index score of 105.6 WA households had the highest average household income - $89,354 in Q2 compared to the national average of $79,497 Only 20% of WA residents have a thorough knowledge of their super’s asset allocation compared to 26% nationally Only 25% of households are confident they will have sufficient super for a decent retirement.  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.