Well-to-do don’t feel well-off
Ipac Securities has released a report which shows that middle Australia – those with a higher income and education level than the general population – feel that they were only just managing to make ends meet.
Forty percent of those included in Ipac’s quarterly survey said they were having to draw on savings or go deeper into debt, and were living from day to day.
Despite this, most respondents had high hopes for 2007, with 60% expecting their financial situation would improve and that both the property and share markets would rise.
When asked what they would do with a $10,000 windfall most said they would pay off their debts, such as credit cards. A $100,000 windfall would go on reducing the mortgage, followed by putting the money into a high interest bearing account.
