Households not confident in ability to pay bills

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Australians are currently less confident in their ability to pay bills that they were in early 2010.

Research from ING DIRECT released today (October 19) has revealed that consumer confidence when it comes to expenses - such as telephone bills and rising gas prices - is at its lowest point since the first quarter of 2011.

ING asked households about their attitude towards spending in the lead up to Christmas, with 37 per cent responding that they would prefer to "build a bigger buffer" of personal savings before they embark on a December shopping spree.

28 per cent also wish to get their debt to more comfortable levels before they increase spending this year.

Don Koch, chief operating officer of ING DIRECT says: "It's possible that as we get closer to the festive season, households will relax their purse string a little more but right now it seems the focus is very much on protecting the gains made in financial wellbeing over the last two years."

For those consumers currently concerned with covering their energy bill, they may wish to explore their options when it comes to switching gas suppliers.

Posted by Callum Fleming