Queenslanders most worried about their finances

April 01, 2016

New data from Mortgage Choice shows Queensland boasts the highest number of “financial worriers” in the country. 

According to the findings from the 2016 Money Survey, 49.8% of Queenslanders said they worry about their finances on a daily or weekly basis. By comparison, 42.9% of Australians said they worry about their finances regularly.

Victorians were the least worried about their finances, with just 34.5% of respondents stating they worried regularly.

Speaking about the results, Mortgage Choice chief executive officer John Flavell said he was surprised to see such a high percentage of Queenslanders were concerned by their finances.

“Our data shows more than one third of Queenslanders are also “uncomfortable” with their current financial situation. Rising utility bills and general job insecurity could be to blame for the high level of concern within the state,” he said.

In Queensland, 39.3% of respondents said rising utility bills was their biggest financial concern, while a further 27.9% indicated that job security was actually their number one worry.

“Of course, Queenslanders aren't the only ones to worry about job security and rising utility bills, with the data showing each state had these two items listed as their biggest financial concerns,” Mr Flavell said.

But while rising utility bills and job security were mentioned as the two biggest financial concerns, the percentage of respondents who ranked these two areas as a concern has diminished significantly over the last 12 months.

“In 2015, 32.9% of Australians said job security was their biggest concern – higher than the 26.2% recorded this year. Similarly, 53.8% said rising utility bills was their biggest worry – significantly higher than the 34.4% who named this as their biggest concern in 2016.

“Further, in 2015, 53.6% of Australian respondents said they were “uncomfortable” with their current financial situation, higher than the 27% recorded in 2016.

“While the percentage of Australians worrying about their finances is still high, I am pleased to see that general financial comfort has improved significantly over the last 12 months.

“The data would suggest the financial outlook for most Australians is improving. People are feeling more comfortable with their financial situation, which is causing them to worry less about their finances.

“Generally speaking, Australians are more optimistic than they were 12 months ago. They feel better about themselves and the economy. No doubt the stable cash rate and strong economic data is contributing to their level of optimism.

“When this survey was conducted 12 months ago, the cash rate had just been cut to 2.25% and there was a lot of negativity in the market.

“Moving forward, we are confident that the level of financial optimism across Australia will continue to improve as the economy strengthens.”