Financial confidence continues to drop as more Australians worry about the cost of living, new research has found.
According to Suncorp’s Life Confidence Index, overall financial confidence has dropped 1.5 points since April, to sit at 59.4 out of 100.
The Life Index is a survey that tracks a ‘moment in time’ view of how Australians are feeling about their financial wellbeing, and what factors are affecting financial confidence.
The survey found cost of living was having the biggest impact on financial confidence, with empty nesters, blue collar workers, single males and single females admitting to feeling on “shaky ground”.
The two mining states – Queensland and Western Australia – suffered the biggest drop in financial confidence, thanks in large part to the announcement of the Super Profit tax.
While Australia’s resource industry and general economy continue to outperform many of its foreign counterparts, Suncorp Life chief executive Geoff Summerhayes said Australians were still worried about their future.
"Australians are very good at coping with adversity: we saw this strength of spirit during the darkest days of the GFC. But while we, as a nation, have come through the GFC well, relative to other countries, we are noticing a 'hang over' that is effecting financial confidence,” he said.
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