Research finds Australians 'dealing with financial blow'

Australians who keep an eye on savings interest rates may be intrigued by the latest findings from ING Direct.

It noted that in spite of retirement savings accounts taking a bashing by the financial downturn, people in Australia are among the most positive in the world in terms of their outlook on the future.

The research surveyed 11,000 people in nine countries and discovered more than seven in ten (71) per cent of Aussies expect to have to work an extra five years thanks to the recession.

However, executive director of savings Brett Morgan revealed people are dealing with the financial constraints by taking steps such as cutting back on luxuries and reducing credit card debt.

"It shows Australians are getting on with life rather than fretting about the size or length of the downturn – there is an underlying optimism when compared to people living in Europe and the US," he explained.

The research showed half of Australians are cooking more at home, while around 20 per cent are growing their own food to save cash.

Meanwhile, St George Bank and Westpac have decided to alleviate the pressure on customers by cutting overdraft fees for all accounts.

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