Aussies ‘hot and stressed’ with their bank

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November 25 2019
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A growing number of Aussies are missing out on sleep, with new research finding the average household owes triple their annual income in debt.

Survey results released by Spaceship showed that 7 million Australians are losing sleep because they are worried about money, while a further 60 per cent are “hot and stressed” about money.

Spaceship CEO Andrew Moore said a combination of rising debts, an inability to control personal spending, and a fear about the global economy were likely to blame.

“Increasingly, Australians are becoming more and more anxious about their finances, at a time when this generation is wealthier than any that has gone before it,” Mr Moore said.

Australia’s household debt is now the fourth highest in the world, after Denmark, the Netherlands and Norway, rising to $2 trillion or $250,000 per house.

Generation X (35-54) is the most financially stressed, with almost one in two respondents losing sleep due to their financial position.

“This is the group who generally face peak mortgage debt after upsizing to accommodate a growing family and is the cohort juggling careers and raising families,” Mr Moore continued.

The research also showed that 62 per cent of Australians feel financially anxious, one-third feel embarrassed about their spending habits and 38 per cent don’t always feel comfortable talking about their finances with their partner.

In the lead-up to the most expensive period of the year, the one month run-up to Christmas and the festive season, financial concerns are only likely to increase, Spaceship suggested.

This could lead to irrational spending, “with more than 70 per cent of the nation admitting to spending money on items they don’t need, or purchases they’ve forgotten about”, Mr Moore concluded.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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