Financially, things are looking up

Over the first half of 2010 households experienced an upswing in financial wellbeing, according to the ING DIRECT Financial Wellbeing Index. In particular, Australians are working hard to trim personal debt. Almost across the board, credit card balances, personal loans and even mortgages are being steadily whittled away. And we’re feeling better for it.

Households are now more comfortable about their debt than any other aspect of personal finance. But the sense of wellbeing is offset by concerns about weak household savings. Comfort levels for savings and investments are the lowest across our six focus areas. Without the back up of savings, many households are exposed to unexpected bills. And without a diversified pool of investments, we’re failing to build for the future.

Source: ING Direct