ING survey shows reduction in festive spending

The latest ING Direct – Melbourne Institute Household Saving & Investment Report has found that one in five Australian households will be spending less on Christmas this year, and more than a third of those blame the high cost of living for reducing the amount they can spend. Lisa Claes, ING Direct's Executive Director Sales & Operations, said that considering this year's financial landscape, including increased mortgage repayments, it's no surprise that some families will have to adjust their festive budget. “An overwhelming 74 per cent of those cutting back said there would be fewer presents under the tree this year,” said Claes, “Unfortunately, this quarter has seen a deterioration in the financial situation of Australian households when compared with the September quarter.”