New research has confirmed that 70% of us are more confident about our financial future than we were previously.
According to the latest ING DIRECT Financial Wellbeing Index, 65 per cent of families feel that they have become better off financially during 2011. Consumers have spent the year consolidation debts, repaying loans including car loans, home loans, credit cards etc. and saving more towards the future.
But while the majority of consumers interviewed believe that they have improved their financial position during 2011 and are confident of achieving the same thing in 2012, 32 per cent of households shave reported that their family finances are worse off today than they were a year earlier with escalating debt levels and higher monthly loan repayments.
A common hurdle reported by 71 per cent was increased food, power and transport costs.
While Australians recognise that while they cannot control the direction of the economy they can take positive action to strengthen their own finances by acting responsibly in relation to personal loans and debts.