Richest households outpacing lower income Australians

Australia's rich are increasing their wealth at a larger rate compared to the nation's low income earners.

The Australian Bureau of Statistics (ABS) has reported that the top-earning 20 per cent of the population grew their net worth by 15 per cent in the last five years.

Households in the bottom 20 per cent of earners only saw a four per cent rise - highlighting the struggle felt by many when it comes to covering the cost of living.

ABS data also reveals that the lowest 20 per cent only account for one per cent of total household wealth in Australia.

Superannuation also factored into the survey, showing that many people are currently not in the position where they can retire due to a lack of sufficient savings.

According to the report: "For households with superannuation, the average value of their superannuation was $154,000, but for half of these, the value was less than $60,000."

Many households in Australia are currently under a great deal of financial strain, with increases in the cost of living adding to their financial burden.

By switching electricity or gas suppliers, homeowners may be able to find a cheaper rate.

Energy prices have a drastic impact on household expenditure and a switching service can help those feeling the strain by evaluating their options and providing alternatives.

Posted by Charlie Moore