Fewer Australians confident about their economic prospects

Monday 21 February 2011

Article by Mozo

Australians have the least confidence in their national economy than any other consumers in the Asia-Pacific region, new research has revealed.

Australians are getting more worried about money matters

Specialists working at Citibank looked into the amount of confidence consumers in 11 nations have in their financial futures.

Notably, 29 per cent of Australians admitted to being "worried" about their financial futures, up from the figure of 26 per cent recorded when a similar study was carried out this time last year.

Additionally, the research also revealed the extent to which Australians are failing to get on top of their current accounts and credit cards, with just ten per cent of people found to have a formal financial plan in place, while only one in three are likely to have an up-to-date will.

Commenting on the figures, Citibank's Andrew de Graaff noted that, while in the rest of Asia, people may lean on their families for financial support, Australians tend to 'rely more on their own abilities', making such wariness over the future understandable.

Just last week, however, treasurer Wayne Swan told global investors that Australia still offers some excellent economic opportunities, in spite of the damage caused by recent natural disasters.

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