Personal financial situation

Mar 26, 2012

Q, Over the next 12 months do you think your personal financial situation will get better, get worse or stay much the same? 

 

28 Jun

10

18 Oct

10

4 April

11

4 Jul

11

3 Oct

11

26 Mar 12

Vote

Labor

Vote

Lib/Nat

Vote

Greens

Total better

29%

33%

32%

28%

24%

28%

34%

25%

36%

Total worse

31%

29%

31%

36%

41%

37%

29%

42%

34%

Get a lot better

5%

6%

7%

5%

4%

5%

5%

4%

14%

Get a little better

24%

27%

25%

23%

20%

23%

29%

21%

22%

Get a little worse

21%

21%

22%

23%

27%

27%

22%

30%

27%

Get a lot worse

10%

8%

9%

13%

14%

10%

7%

12%

7%

Stay much the same

37%

32%

32%

32%

32%

29%

32%

31%

25%

No opinion

4%

5%

5%

3%

3%

5%

5%

2%

5%

28% (up 4% since October last year) of respondents believe that their personal financial situation will get better in the next 12 months and 37% worse (down 4%). 29% (down 3%) expect it to stay much the same. However, these results are very similar to those of July 2011.

Greens voters (36% better) and Labor voters (34%) are the most likely to believe that their personal financial situation will get better over the next 12 months, whereas Coalition voters are the most likely to believe that theirs will get worse (42%).

People on lower incomes were more pessimistic about their personal financial outlook – those earning under $600 per week split 22% better/49% worse – compared to those earning more than $1,600pw who split 36%better/30% worse.

Comments »

Impact of Dollar on Industry

Mar 26, 2012

Q. The Australian dollar is now at $1.05 US and has been historically higher than the normal range of 60c-80c US. Is the high Australian dollar good or bad for the following industries?

 

Total good

Total bad

Very good

Good

Neither good nor bad

Bad

Very bad

Don’t know

Mining industry

29%

29%

10%

19%

20%

24%

5%

22%

Farming & Grazing Industry

16%

49%

4%

12%

16%

36%

13%

19%

Finance Industry

38%

15%

9%

29%

25%

12%

3%

21%

Construction Industry

24%

26%

4%

20%

28%

22%

4%

23%

Manufacturing industry

15%

50%

3%

12%

14%

29%

21%

20%

Retail Industry

23%

47%

6%

17%

14%

30%

17%

16%

Australian Tourism Industry

20%

56%

8%

12%

10%

31%

25%

14%

Overall, respondents think that the high Australian dollar has only been good for the finance industry (38% good/15% bad).

They believe that it has been particularly bad for the tourism industry (20% good/56% bad), the manufacturing industry (15%/50%), the farming and grazing industry (16%/49%) and the retail industry (23%/47%)

On the mining industry, they were split 29% good/29% bad.

Comments »

Impact of Mining Boom and Dollar

Mar 26, 2012

Q. Has the mining boom and the high dollar been good or bad for –

 

Total good

Total bad

Very good

Good

Neither good nor bad

Bad

Very bad

Don’t know

The economy generally

52%

12%

11%

41%

22%

10%

2%

15%

Jobs generally

42%

18%

8%

34%

26%

15%

3%

14%

You personally

23%

10%

5%

18%

55%

8%

2%

10%

A majority (52%) think that the mining boom and the high dollar has been good for the economy and are more likely to think it has been good for jobs (42% good/18% bad).

61% of Labor voters, 53% of Greens voters and 51% of Coalition voters think it has been good for the economy.

55% think it has been neither good nor bad for them personally. For those on incomes over $1,600pw, 32% think it has been good for them personally and 9% bad.

Comments »

Income Level to be Well Off

Mar 12, 2012

Q. What annual income level would you say was the minimum to be “well off” for a single person?

What annual income level would you say was the minimum to be “well off” for a family of 2 parents and 2 children?

Single Person

Family

 

Total

Income under $1,000pw

Income $1,000 – $1,600pw

Income $1,600+

Total

Income under $1,000pw

Income $1,000 – $1,600pw

Income $1,600+

$40,000

9%

15%

7%

5%

1%

2%

*

1%

$60,000

26%

28%

31%

23%

6%

13%

5%

2%

$80,000

28%

25%

27%

33%

15%

21%

17%

10%

$100,000

19%

15%

20%

24%

17%

19%

19%

15%

$120,000

7%

5%

6%

9%

16%

12%

19%

17%

$150,000

3%

3%

3%

5%

21%

16%

18%

29%

$200,000

1%

*

1%

1%

12%

5%

14%

18%

$300,000

1%

2%

*

1%

3%

3%

2%

5%

$500,000

*

*

1%

2%

3%

1%

1%

$1 million

1%

1%

1%

1%

1%

1%

1%

Don’t know

5%

6%

4%

1%

5%

5%

4%

1%

median

$69,000

$63,000

$67,000

$73,000

$111,000

$93,000

$107,000

$123,000

63% think that a single person earning $80,000 would be considered “well off”. The average (median) minimum income for a single person to be considered “well off” was $69,000.

55% think that a family earning $120,000 would be considered “well off”. The average (median) minimum income for a family to be considered “well off” was $111,000.

Comments »

Income Level to be Wealthy

Mar 12, 2012

Q. What annual income level would you say was the minimum to be “wealthy” for a single person?

What annual income level would you say was the minimum to be “wealthy” for a family of 2 parents and 2 children?

Single Person

Family

 

Total

Income under $1,000pw

Income $1,000 – $1,600pw

Income $1,600+

Total

Income under $1,000pw

Income $1,000 – $1,600pw

Income $1,600+

$40,000

2%

3%

1%

1%

1%

$60,000

6%

10%

4%

6%

2%

2%

3%

*

$80,000

15%

17%

20%

10%

4%

7%

3%

2%

$100,000

21%

19%

25%

23%

9%

13%

10%

5%

$120,000

14%

11%

15%

17%

9%

10%

13%

6%

$150,000

17%

18%

13%

22%

19%

17%

22%

20%

$200,000

10%

8%

10%

11%

22%

20%

16%

32%

$300,000

4%

3%

4%

4%

15%

10%

15%

19%

$500,000

4%

3%

6%

3%

9%

9%

11%

7%

$1 million

3%

3%

1%

3%

5%

4%

4%

7%

Don’t know

5%

4%

2%

1%

5%

5%

3%

1%

median

$106,000

$102,000

$98,000

$113,000

$159,000

$146,000

$147,000

$182,000

58% think that a single person earning $120,000 would be considered “wealthy”. The average (median) minimum income for a single person to be considered “wealthy” was $106,000.

66% think that a family earning $200,000 would be considered “wealthy”. The average (median) minimum income for a family to be considered “wealthy” was $159,000.

Comments »

Saving

Jan 16, 2012

Q. Compared to 12 months ago, are you saving more, saving less or saving about the same? (note – saving includes paying off your mortgage)

Total Men Women Aged 18-34 Aged 35-54 Aged 55+ Work full time Work part time Don’t work
Total saving more 28% 26% 29% 41% 26% 19% 35% 27% 21%
Total saving less 33% 34% 31% 27% 31% 40% 30% 28% 40%
Saving a lot more 7% 6% 7% 13% 5% 4% 10% 4% 5%
Saving a little more 21% 20% 22% 28% 21% 15% 25% 23% 16%
About the same 37% 38% 36% 28% 42% 40% 34% 44% 37%
Saving a little less 17% 18% 16% 17% 14% 20% 17% 12% 20%
Saving a lot less 16% 16% 17% 10% 17% 20% 13% 16% 20%
Don’t know 2% 2% 1% 3% 1% 1% 1% 1% 2%

28% of respondents say they are saving more than they were 12 months ago and 33% are saving less – 37% are saving about the same.

Those aged under 35 tend to be saving more (41% more/27% less) while those aged 55+ are saving less (19% more/40% less).

There is a strong relationship with work status. 35% of those in fulltime work are saving more, 44% of those in part-time work are saving about the same and 40% of those not working are saving less.

Comments »

Spending

Jan 16, 2012

Q. Compared to 12 months ago, are you spending more or less on the following –

Total spending more Total spending less Spending a lot more Spending a little more Spending about the same Spending a little less Spending a lot less Don’t know
Food and groceries 60% 10% 20% 40% 30% 7% 3% 1%
Gas and electricity 70% 9% 36% 34% 20% 5% 4% 1%
Telephone and internet services 38% 11% 11% 27% 49% 9% 2% 1%
Entertainment such as cinemas and restaurants 20% 39% 5% 15% 38% 20% 19% 3%
Retail products such as clothing and electrical goods 20% 38% 5% 15% 41% 22% 16% 1%

70% say they are spending more on gas and electricity and 60% say they are spending more on food and groceries. But they were more likely to be spending less on entertainment (20% more/39% less) and other retail products (20% more/38% less).

Perceptions of spending on food and groceries is similar across demographic groups. However, older respondents are more likely to say they are spending more on gas and electricity (80% of those aged 55+) and less on entertainment (46% of those aged 55+). For those aged under 35, 28% are spending more on entertainment and 34% less.

There is a similar pattern for spending on retail products – for those aged under 35, 27% are spending more and 32% less while for those aged 55+, 15% are spending more and 44% less.

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Christmas Spending on Credit Cards

Dec 5, 2011

Q. How much of your Christmas spending do you put on your credit cards?

All or most of it 23%
A bit more than half 7%
About half 9%
A bit less than half 5%
Not much 17%
None of it 37%
Don’t know 3%

39% say they will put at least half their Christmas spending on credit cards – and a further 22% will put some spending on their credit cards.

Those most likely to use credit cards for at least half their spending were aged 25-34 (49%) and those least likely to use credit cards for Christmas spending were aged 18-24 (22%). Those on higher incomes were much more likely to use their credit cards for Christmas spending – 54% of those on incomes over $1,600pw said they would put at least half on credit cards compared to only 18% of those on incomes under $600pw.

41% of those who say they are very concerned about their level of credit card debt and 54% of those who are somewhat concerned say they will put at least half their Christmas spending on credit cards.

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