Recent equity market volatility and a vigorous public debate about whether Australia's real estate market is in a bubble have prompted households to reassess their risk tolerance. According to the latest Westpac Melbourne Institute Index of Consumer Sentiment, when asked about "the wisest place for savings" 24.4 per cent of consumers said they would reduce debt. This response compares with 17.8 per cent in December and is the highest since the European debt crisis in 2011. Only 14.7 per cent of people said property was the wisest place for savings, compared with 23.4 per cent in December, and 7.6 per cent said shares (9.9 per cent in December).