New South Welshmen 'happy as' with their finances

November 25, 2014
Nicole Spiteri

 

New South Welshmen ‘happy as’ with their finances

New Index highlights state’s happiness levels

 

A majority of New South Welshmen consider themselves to be “financially comfortable”, new research has revealed.

According to Mortgage Choice’s inaugural Happy As Index, 52.1 per cent of those living in New South Wales are “comfortable” with their finances – significantly higher than the 27.9 per cent of those who consider themselves to be “uncomfortable”.

Local Mortgage Choice franchise owner Des Nation said while it was pleasing to see that so many New South Welshmen 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,” Mr Nation said.

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

“We often find when people actively save at least some of their income they tend to worry about their finances less – which certainly seems to be the case for the NSW-based respondents.”

Mr Nation said the Index found one in three New South Welshmen only worry about their finances when they have a ‘big financial commitment’.

“On the flipside, just over 20 per cent admitted to thinking about their finances on a ‘daily basis’,” Mr  Nation said.

“While there is no denying that there are some New South Welshmen who are concerned about their financial situation and worry about their finances frequently, on the whole, those living in New South Wales consider themselves to be comfortable with their finances and happy with their lifestyle overall.”

When asked how happy they are with their current lifestyle, 55.1 per cent said they consider themselves to be either ‘happy’ or ‘extremely happy’.

Meanwhile, just 15 per cent said they are either ‘unhappy’ with their current lifestyle or ‘very unhappy’.

“It stands to reason that if people are comfortable with their finances they will tend to have a happier outlook on life and, looking across the states, New South Wales seems to be one of the happiest places to live and work,” Mr Nation said.

“Queensland proved to be the “happiest” state, with more than 63 per cent of those living in the sunshine state stating that they are either ‘happy’ or ‘very happy’ with their current lifestyle.”

If you would like learn more about your home loan or financial advice options, call (02) 9833 8177 or visit www.mortgagechoice.com.au/Des.Nation

 

Table 1: Financial situation

 

How comfortable are you with your current financial situation?

NSW

Very comfortable

10.0%

Reasonably comfortable

42.1%

Neutral

20.0%

Slightly uncomfortable

          20.0%

Very uncomfortable

7.9%

 

Table 2: Savings

 

How much of your after tax income have you saved in some way this year?

NSW

None

27.5%

0%-15% of my after tax income

45.0%

16%-20% of my after tax income

10.0%

21%-25% of my after tax income

7.1%

26%-30% of my after tax income

2.9%

31%-35% of my after tax income

1.7%

36%-40% of my after tax income

1.3%

41%-45% of my after tax income

0.4%

46%-50% of my after tax income

2.5%

More than 50% of my after tax income

1.6%

 

Table 3: Financial worries

 

How often do you worry about your finances?

NSW

Daily

23.3%

Weekly

25.4%

Monthly

14.6%

Once a year

5.0%

When I have a big commitment

31.7%

 

Table 4: Happiness

 

How happy are you with your current lifestyle?

NSW

Very unhappy

5.8%

Unhappy

9.2%

Neutral

30.0%

Happy

51.3%

Extremely happy

3.7%

 

For further information, photos of the new logo, or to arrange an interview, please contact:

Des Nation

Mortgage Choice

0412 709 700

Des.Nation@MortgageChoice.com.au    

 

About the Survey

Market research company Nine Rewards was commissioned by Mortgage Choice to conduct the 2014 HappyAs Index. The online Survey was conducted in late October and was completed by 1,166 Australians from a range of financial backgrounds.

 

Important information

This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.

 

About Mortgage Choice

Mortgage Choice is an ASX listed company that seeks to help Australians with all of their financial needs.

Established in 1992, Mortgage Choice was originally established to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.

Since that time, the company has grown and developed into a fully fledged financial services provider.

Today, Mortgage Choice helps customers source car loans, personal loans, credit cards, commercial loans, asset finance, deposit bonds, and risk and general insurance.

Further, the company offers Australians access to real, relevant and affordable financial advice through our qualified financial advisers.

Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).

Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC.

Recent recognition: 2014 Australian Broking Awards Best Diversification Program; 2013, 2012, 2011 Australian Broking Awards Major Brokerage of the Year – Franchise; 2013, 2012 Australian Broking Awards Best Ethical/Social Responsibility Program; 2012 Australian Broking Awards Best Training and Education;   No.1 on The Adviser magazine’s 2012, 2011, 2010 and 2009 Top 25 Brokerages list; 2012, 2010, 2009, 2008, 2006 and 2005 MFAA Awards Retail Aggregator/Originator of the Year; 2011, 2010, 2009 and 2008 10 Thousand FEET Top 10 Franchise list; 2010 Forbes Asia-Pacific Best Under A Billion list.

Visit www.mortgagechoice.com.au or call customer service on 13 77 62.

 

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