Most Australians expect to keep their savings belts firmly strapped on during the coming year due to the global economic uncertainty, according to a national survey by leading mortgage broker Priority Lending.
The Priority Lending poll which asked “What’s your 2012 financial resolution?’ found 53 per of the respondents said their priority would be to boost savings.
Priority Lending Chief Operating Officer Dean Rushton said Generation Y respondents were even more determined to bolster their savings buffer with 68 per cent saying that was their financial focus in 2012.
Mr Rushton said 23 per cent of the 581 online poll respondents said they would look to refinance their mortgage while 22 per cent said their priority was paying off credit card debt. Only two per cent said they would donate more money to charity.
“The consumer caution we saw for much of 2011 looks set to continue in the year ahead,” Mr Rushton said.
“Despite interest rates being reduced in November and December, consumers are uncertain about the direction of the economy with events in Europe.
“Other recent Priority Lending surveys have shown that the issues occurring overseas are top of mind for Australian consumers when considering their financial position.
“That situation is not likely to change even thoughAustralialooks well prepared to weather the impact of the European crisis on the world economy.
“The poll results indicate that the Reserve Bank ofAustraliamay again have to cut interest rates during the first quarter of 2012.”
Priority Lending survey results:
What’s your 2012 financial resolution?
- Boost savings – 53 per cent
- Refinance mortgage – 23 per cent
- Pay off credit card – 22 per cent
- Donate more to charity – 2 per cent
Source: Priority Lending