Household Finances Improve Across the Country

Posted on April 11th, 2013 · Posted in News

People across the country are finding that their household finances are improving, the latest St George-Melbourne Institute Household Financial Conditions Report shows.  Covering the three months to March, the report highlighted that 45.3% of Australians are currently managing to save, while 12.4% said they were setting aside a lot of money.

As chief economist at St George Bank Hans Kunnen explains, there has been a particular rise in saving among young people, perhaps because they have been able to pick up work after Christmas.

This may have a positive effect on the Australian property market as an increasing number of youngsters are able to save up to put down a deposit on their first home.

Mr Kunnen said that anyone who is already on the property ladder may have been able to make over payments on their mortgage, while others could have paid off their loans entirely.

“The increased ability to do so may be the result of the strong performance of the share market we have seen so far this year, as well as lower interest rates – factors which are also likely contributors to the overall confidence being felt across the board,” he commented.

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