Boosting bank balance No 1 goal
(25th January 2011 – Australia) Australian’s looking for "financial stability" have resolved to make 2011 the year for increasing their bank balance, according to a survey by Loan Market mortgage brokers.
The poll, which asked respondents what their financial New Year’s resolution was, found that 76 percent of those surveyed wanted to try and increase their savings.
"Many Australians are hoping for some financial stability this year after some economic challenges during 2010 including four rises in official interest rates by the Reserve Bank of Australia (RBA)," Dean Rushton, chief operating officer Loan Market said.
"That desire for calmer economic waters is reflected in people recognising the need to build up their savings," Mr Rushton added.
"This could be a variety of things such as a home loan deposit or just to give themselves some breathing space financially."
The online poll also found that 14 percent of respondents saw refinancing the mortgage or consolidating credit card debt as their financial priority for the year.
Seven percent said they wanted to spend more to boost the economy while three percent wanted to donate more money to charity.
Mr Rushton said the mood for economic stability would be rocked if the RBA decided to lift the cash rate from its present level of 4.75 per cent when it deliberates for the first time this year on February 1.
"We are hoping the RBA leaves rates on hold for some months as the last quarter percentage point rise in November, 2010, was unnecessary and only served to knock the wind out of the consumer confidence sails," Mr Rushton said.
"Many Australians are hoping for some financial stability this year after some economic challenges during 2010 including four rises in official interest rates by the Reserve Bank of Australia (RBA)," Dean Rushton, chief operating officer Loan Market said.
"That desire for calmer economic waters is reflected in people recognising the need to build up their savings," Mr Rushton added.
"This could be a variety of things such as a home loan deposit or just to give themselves some breathing space financially."
The online poll also found that 14 percent of respondents saw refinancing the mortgage or consolidating credit card debt as their financial priority for the year.
Seven percent said they wanted to spend more to boost the economy while three percent wanted to donate more money to charity.
Mr Rushton said the mood for economic stability would be rocked if the RBA decided to lift the cash rate from its present level of 4.75 per cent when it deliberates for the first time this year on February 1.
"We are hoping the RBA leaves rates on hold for some months as the last quarter percentage point rise in November, 2010, was unnecessary and only served to knock the wind out of the consumer confidence sails," Mr Rushton said.
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