Aussies increasingly concerned about their finances

Australians are increasingly concerned about the state of their finances, a new study has found.

Nielsen's Global Survey of Consumer Confidence and Spending Intentions showed that people down under are worried that their household budgets are becoming far too stretched.

The cost of living has risen sharply and many Aussies have been forced to dip into their savings accounts in order to make ends meet.

According to the study, financial confidence levels have reached their lowest ebb since 2009 – when the global recession took hold.

Managing director of Nielsen Pacific Chris Percy said that the Reserve Bank of Australia's failure to lower interest rates in the first four months of the year have had a major bearing on the results.

He added that some banks have hiked their home loan rates, which has put a great deal of pressure on many people.

"Australians' growing concerns over the nation's economy, coupled with the high dollar and rising unemployment, continue to influence consumer behaviour and soften sentiment," he remarked.

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