NSW occupants ‘financially comfortable’

By Staff reporter

20 November 2014

The majority of people living in New South Wales are happy with their financial situation, according to research by Mortgage Choice.

A survey conducted by the broker group found that 52.1 per cent of those living in NSW are “comfortable” with their finances – significantly higher than the 27.9 per cent of people who consider themselves to be “uncomfortable”.

According to the Australian Bureau of Statistics, 32 per cent of Australians reside in NSW.

Mortgage Choice spokesperson Jessica Darnbrough said that while it was pleasing to see so many NSW residents consider themselves to be financially comfortable, it was also unsurprising given their commitment to saving money.

“When the NSW-based survey respondents were asked how much of their after-tax income they had managed to save this year, more than 70 per cent said they had saved at least some of their after-tax income,” she said.

“In comparison, just 27.5 per cent of respondents confessed to saving none of their income.”

The survey also found that one in three NSW residents only worry about their finances when they have a “big financial commitment”, while only 20 per cent admitted to thinking about their finances on a daily basis.

Ms Darnbrough said that “on the whole, those living in NSW consider themselves to be comfortable with their finances and happy with their lifestyle overall”.