Aussies, young and old, are waiting to feel the effect of new legislation aimed at improving the transparency of rising energy bills as living expenses continue to drain family coffers, according to ME’s newest Household financial comfort report.
The thirteenth edition of ME’s annual report revealed that, although the Household Financial Comfort Index hadn’t declined over the past year (remaining stagnant at 5.49/10), Aussies were reporting significant drops in comfort when it came to paying living expenses.
“Households’ comfort with paying their monthly living expenses fell 3% to 6.40 out of 10 during the six months to December 2017, the lowest it’s been since mid-2014,” said Jeff Oughton, ME consulting economist and co-author of the report.
“In fact, ME’s latest report shows many households’ financial situation is getting worse and again the culprit is living expenses, with 40% reporting this as a key reason their situation is worsening.
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The report went on to name soaring energy bills as one of the key costs driving the increasing discontentment with living expenses, but Aussies can avoid energy stress by switching to a more competitive offering in the market - in fact, 1.2 million Aussies are keen to make the switch.
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