How well do your household savings fare?

How well organised are your finances?

Having financial security is something that is high up on many people's agendas, but when was the last time you considered whether you're better or worse off than in the past?

The annual Housing Affordability Sentiment Index (HASI) from found that 60 per cent of people now believe their savings are in a better position than they were two years ago.

Interestingly, generation Y – namely those born between 1981 and 1994 – are generally more optimistic about their finances than other groups.

Almost a fifth (16 per cent) revealed they had been offered some financial help from their parents in order to get onto the property ladder or purchase their next home.

More than half (53 per cent) of generation Y are already property owners, which marks a rise of 5 per cent compared to last year's HASI. Furthermore, 23 per cent own an investment property.

However, there are still some fairly big barriers in the way of some people who have the financial goal of buying their own home – and the most significant is affordability.

Out of those questioned, 63 per cent of respondents believe housing affordability has worsened over the past six months. Around 80 per cent said prices in their local area had influenced this view.

People were also asked what they'd be most willing to sacrifice when looking for their perfect home. Going without a pool was named by 65 per cent of people if they found they couldn't afford to buy a property.

Multiple bathrooms, the lack of a need to carry out renovations and spare room also featured on the list.

Respondents were also asked what sacrifices they would make in order to boost their savings. Many said they would go without luxury items, car upgrades and recreational vehicles.

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