Majority of Aussies under financial stress

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.

Advertisement
Advertisement

“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.

Majority of Aussies under financial stress
Susan Mitchell
ifa logo
Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.