A whitepaper reveals that more than 50 per cent of Australians feel financially stressed, with almost 85 per cent saying it impacts their wellbeing negatively.
The research from Mortgage Choice and CoreData found that many respondents do not have a clearly defined financial strategy, which could be a contributing factor to their stress.
As an example, it found over 26 per cent of respondents do not set financial goals and, of those that do set financial goals, only 20 per cent clearly document them.
The whitepaper also revealed that more than two in five respondents admit they are embarrassed by their debt.
Of those who said they were feeling financially stressed, it was revealed that female respondents said financial stress was impacting their overall wellbeing negatively to a larger extent than males, 90 per cent versus 77 per cent.
Across the country, the research found that respondents in Queensland, NSW and Victoria were the most financially stressed, with as many as 85 per cent of respondents in Queensland, 84 per cent in NSW and 81 per cent in Victoria saying they felt financial stress was negatively impacting their wellbeing.
“A number of factors may be contributing to people’s level of financial stress, resulting from the shame associated with debt, poor planning and a general lack of understanding of their financial situation,” said Mortgage Choice chief executive Susan Mitchell.
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