Household savings grow
Median household savings have almost doubled over the past year, according to a survey.The ING Direct Household Wellbeing Index for the March quarter, which was released yesterday, revealed that the median household savings level has increased from below A$8000, in the March quarter last year, to the current level of $15,427.The index, which is based on a survey of 1059 households by Galaxy Research, also showed that 44 per cent of home owners are ahead with their home loan repayments. Just thirteen per cent of households reported that they had no savings. This is the lowest level since the survey started in 2010.Households are continuing to build their savings, despite recent falls in interest rates.