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Australians continue to feel financial pressures

Australian households are feeling poorer and plan to save more and spend less, according to new research from ING Direct.

The ING Direct Household Financial Wellbeing Index found that the wellbeing of Australian households declined between the first and second quarters of the calendar year.

According to the survey of 1,033 households, 41 per cent of respondents will cut their living costs in a bid to preserve their lifestyle.

The survey also found that 44 per cent will save more and 32 per cent will reduce discretionary spending.

The biggest worry among respondents was maintaining their current lifestyle, with 47 per cent nominating this concern.

The other major concerns were costs arising from the federal Budget with 45 per cent, large one-off bills with 31 per cent, job stability with 25 per cent and rising debt with 18 per cent.

The most popular ambition among respondents was saving more with 44 per cent.

The other main ambitions were reducing living costs with 41 per cent, cutting discretionary spending with 32 per cent, finding a higher-paying job with 18 per cent and earning more by working longer hours with 10 per cent.

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