Will 2015 be your “Year of the Better Deal”?

Monday 02 February 2015

Article by Rebeccah Elley

According to ING DIRECT’s Household Financial Wellbeing Index, Australian households have big plans for the new year, with a massive 79% of respondents on the hunt for a better deal.

ING DIRECT Household Financial Wellbeing Index

The top areas Aussies plan to save in 2015 is on their groceries (57%), followed by power bills (50%), phone, internet and pay TV bills (45%) and insurance premiums (40%).

ING DIRECT’s executive director John Arnott said it was wonderful to see Australians enjoying the highest level of financial wellbeing since 2010. “Clearly, households are now focusing on taking control of their finances and getting better value for money.”

Australians plan to reduce their bills through purchasing groceries on specials and shopping around for better telecommunications, power and insurance deals.

While consumers are entering 2015 with a positive attitude to save on the above bills, ING Direct’s report showed optimism wasn’t so high when it came to home loan and credit card debt, with consumer comfort declining slightly.

Recent findings from Aussie showed more people seek a second opinion on where to go for dinner or their next holiday destination than on finding the right home loan deal.

Aussie Chairman John Symond described a home loan as one of the biggest financial commitments consumers make, “so to see it sitting so low down on the priority list is a concern.”

“Even saving just a little bit on your interest rate can add up to a lot of money saved over the life of a home loan, so a second opinion really should be at the top of every savvy home buyer’s priority list.”

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