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Australian financial confidence down, but remains optimistic: survey

09-21-2010 15:42 BJT

SYDNEY, Sept. 21 (Xinhua) -- Australians have lost confidence in their financial well-being, with the two mining states of Queensland and Western Australia having the least financial confidence, according to the Suncorp Life Confidence Index released on Tuesday.

The survey found that overall financial confidence dropped 1.5 points from 60.9 in April to 59.4 in August

The survey showed the confidence levels of blue collar workers, families, singles and empty-nesters were on "shaky grounds".

The score was taken out of a possible 100 points, with a reading above 50 indicating a person is more optimistic than pessimistic.

The latest results showed overall financial confidence took the biggest hit in Western Australia and Queensland in August.

Queenslanders were the least confident, with an index score of 58.1, down 1.4 percentage points on April figures, while the financial confidence of Western Australians fell 2.8 percentage points to 58.8 during the same period.

The survey said there were six attributes affecting consumers' financial confidence, including managing anticipated increases in the cost of living, having a savings buffer to cover a loss of income, financial know-how, and the feeling of financial control.

Editor:Jin Lin |Source: Xinhua

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