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Survey: Queenslanders in financial peril

Queensland households under financial strain 16000646 800469735 0 0 14033409 300

Residents in the sunshine state have a gloomy outlook on their personal finances according to a new study.

ING DIRECT have examined individual states in order to determine the landscape of financial stability across the nation, finding that Queenslanders are increasingly reliant on government benefits and have lower average savings.

24 per cent of Queenslanders have no savings at all and those that do possess an average of $2,950 - far lower than the national average of $7,812.

30 per cent say they intend to remain frugal in the lead up to Christmas - with only one in ten planning to loosen their purse strings in December.

The overall Household Financial Wellbeing Index dropped to 97.3 from the 105.2 that was recorded in the June quarter.

Median household income is also lower than the national average - $62,518 compared to $72,737.

Queenslanders under pressure may wish to ease the cost of living by investigating their options when it comes to switching gas suppliers.

Many consumers are simply unaware they are not obligated to stay with a particular utilities company if they are not happy with the service or price.

Other energy suppliers in their area may be offering a cheaper rate, which could result in vital household expenditure savings.

Posted by Callum Fleming