Posted by Square Holes on July 31st, 2013 at 12:49pm
Square Holes has found seventy-eight percent of South Australians believe their financial security will improve or remain the same over the next 12-months despite concerns about rising living costs and the local economy in new research commissioned by the firm.
The research could mark a turning point in South Australian’s confidence levels with a 8% increase in the number of people who think their financial security will be better this year than last.
It also shows consumers remain more confident than the business community with the recent Bank SA State Monitor survey finding only 35% of business owners believed the climate for doing business would improve over the next twelve months.
Square Holes Managing Director Jason Dunstone said businesses need to harness the underlying optimism of South Australians who remain positive despite a challenging economy and cost of living pressures.
“Businesses tend to be more pessimistic than consumers and they underestimate the role they can play in helping to lift consumer confidence.
“Businesses need to explore how they can tap into the mood of consumers who are largely optimistic but primarily concerned with the financial security of the family living in their home.
“The research found the security of their wider network of family and friends and even their employers was much less of a concern.
“South Australians also thought their financial security would be in a much better position in twelve months than other Australians and people living overseas.”
The results come at a time of uncertainty in South Australia with the future of large employers like Holden under a cloud, the state’s mining sector slowing down and unemployment rising well ahead of other states.
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Some of the key research findings include:
- 78% of people believe their financial security will improve or remain the same over the next year.
- 83% of people rated family in their home as the highest priority in terms of financial security.
- 54% of people expect to spend more on household bills over the next year.
- 37% of people expect to spend more on groceries over the next year.
- 19% of people expect to spend less money donating to charity over the next year.
Confidence is strongest amongst 18-29 year olds, and lowest amongst 40-59 year olds.
Square Holes surveyed 409 South Australians across the state. The research was conducted between July 8 and July 11.
For more information contacting Square Holes via www.squareholes.com or email@example.com .
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