Concerned consumers paying off debt faster

Mortgage Choice spokesperson Jessica Darnbrough said despite the majority of respondents citing that they are concerned by their financial situation, the survey showed most are actually saving more money and paying off debt faster than ever before.

“When asked how much debt (excluding a mortgage) they had, 56 per cent of Australians said they had less than $10,000 in debt, with 43.2 per cent of those saying their debt was actually less than $5,000,” she said.

“Furthermore, one in every three Australians indicated that they had more than $20,000 in savings – up from the previous year. In 2014, less than 30 per cent of respondents indicated that they had more than $20,000 in savings, with 49.9 per cent stating that they had less than $10,000 stored away in their bank account.

“Finally, the majority of Australians said they like to keep a close eye on their day to day spending habits, with 60.8 per cent admitting they check their bank accounts at least once a week – up from 55.9 per cent in 2014.”

Ms Darnbrough noted that this data suggests Australians are becoming increasingly savvy when it comes to managing their finances and controlling their spending.

“For those who do worry about their financial situation on a regular basis, there are a few easy tricks they can implement to better manage their finances, save more money and pay down their debts faster,” she said.

[Related: Veda data reveals changing borrower behaviour]