A new advice licensee whitepaper has revealed the biggest concern among consumers this year is the rising cost of goods and services.
The research from Mortgage Choice and CoreData’s Financial Fitness whitepaper found that 40 per cent of Australians cited the cost of living as their number one concern.
Results varied around the country, with 58 per cent of respondents in Queensland concerned about the rising cost of goods and services, followed by 56 per cent in NSW, 55 per cent in Western Australia and 52 per cent in Victoria.
There was also a gender disparity, 60 per cent of female respondents cited the rising cost of goods and services as their number one financial concern, compared with just over 50 per cent of male respondents.
Furthermore, almost 50 per cent of female respondents were concerned that they were not going to be able to retire comfortably, compared to just under 43 per cent of male respondents.
“It was unsurprising to learn that the rising cost of living ranked high on their list of worries,” said Mortgage Choice chief executive Susan Mitchell.
“When we asked Australians what specific concerns they had about their finances, most said the rising cost of goods and services and many respondents were also concerned they would not have enough money to be able to retire comfortably.
“The reality is that the wealth effect from falling property prices is weighing heavily on consumer sentiment, as people feel like their biggest asset – their home, loses value.”
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].
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