Braced for another uncertain year

MB

Confidence in the Australian economy for 2013

SOURCE: MORTGAGE CHOICE NATIONAL CONSUMER SENTIMENT SURVEY

Aussies are not feeling overly confident about 2013, according to the ninth annual National Consumer Sentiment Survey by Mortgage Choice.

This is mostly due to factors out of their control, says the head of corporate affairs at Mortgage Choice, Belinda Williamson – including rising utility bills, concerns over job security and the state of the global economy. The good news is that many are taking proactive steps to change their situation for the better, says Williamson.

More than half of those surveyed plan to make changes to their financial situation in 2013, by reviewing their budget, cutting back on spending or reviewing their home loan, according to the research. People are also building up their reserves so they are better positioned to cope with unexpected changes in their financial situation, says Williamson. Of those surveyed, 36% were saving money to protect themselves against unexpected changes to their finances, 32% were saving money for a holiday, and 30% of respondents were saving for day-to-day living expenses.

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