Aussies turning to loved ones for financial support

Tuesday 13 October 2009

Article by Mozo

Australian families are seeking help from family and friends to boost their savings accounts, according to reports.

New Rudd Government research has shown that one in five households have experienced difficulty in paying their utility bills throughout the financial downturn.

According to a piece in the Herald Sun, a study, which took into account the circumstances faced by 1,650 families, showed 34 per cent of people considered themselves worse off compared to the first half of the year.

Consequently, 15 per cent of respondents said they had to ask their loved ones for financial help, which could have contributed to their low interest home loans.

For many, this represents the first time they have experienced such financial hardship, with 80 per cent of those struggling to pay their home loans on time saying this.

The recent interest rate rise could potentially help those with savings accounts, if one report is to be believed.

Annette Sampson writing in the Sydney Morning Herald said the economic downturn has been beneficial for savers since many banks have offered good rates.

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