Household budget survey results
Tuesday, 07 March 2017 10:00
Thanks to everyone who completed our household budget survey that went out towards the end of last year. Aiming to capture further insight into the state of household budgets in the local region, the results have been analysed and we have some interesting insights.
Close to 700 local residents mainly from the ACT and surrounding NSW participated with 93% indicating they have a solid understanding of their household budget.
- 42% indicated they have somewhat of an understanding of income and expenses and the key is making sure they have money when the expenses come in while 12% indicated they are constantly transferring between accounts to cover expenses and sometimes run the risk of overdrawing accounts
- 45% indicated general costs of living (petrol, groceries etc.) are putting the most pressure on their household budget, while 25% indicated home loan repayments are the main pressure point and 11% nominated personal debt repayments, and
- if respondents incurred an unexpected expense of $3,000, 22% indicated they would use funds they have been saving for a particular goal, 18% indicated they would need to delay payment until they got the funds together, 16% indicated they would use existing credit facilities, 6% indicated they would ask family or friends for help, while 5% would need to apply for new credit facilities.
The majority of respondents work in the public service, 26% work in the private sector, while 14% are retired.
Thanks again to everyone for taking the time to complete the survey, congratulations to our Wii U family pack winners and these results will certainly help us as we look to host practical financial education sessions and enhance our broader financial literacy efforts for both SERVICE ONE Members and the community more broadly.