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Recession tops the list as biggest financial worry
A local or global recession is the greatest financial concern for Australians at the moment, followed closely by paying bills and managing debts, according to a recent survey.
Recession tops the list as biggest financial worry
A local or global recession is the greatest financial concern for Australians at the moment, followed closely by paying bills and managing debts, according to a recent survey.
Recent research by Fidelity, based on a survey conducted by CoreData in May, has revealed that 28 per cent of Australians have seen their financial wellbeing suffer from the impact of COVID-19.
The financial impact of COVID-19 has been most significant for younger Australians and those approaching retirement, with 41.4 per cent of respondents age 50-59 and 36.2 per cent of under 30s stating that COVID-19 had negatively affected their financial wellbeing.
The research indicated that a recession in the local or global economy was one of the biggest money worries for Australians, with 14.5 per cent of respondents listing this as one their greatest concerns at the moment.
This was followed by paying bills and commitments at 11.5 per cent, managing debt at 10.9 per cent and not being able to support children or family at 9.6 per cent.
Fidelity International, managing director, Australia, Alva Devoy said the types of concerns people had varied across different age groups.
“For those over the age 60, the number one concern was recession, for those age 40 to 59, it was managing their debts, and for those aged 50-59, it was paying bills and other commitments,” said Ms Devoy.
Those aged under 30, however, are most concerned they won’t be able to get on the property ladder, she explained.
Job security was also identified as a key concern in the survey, with 29.3 per cent of those currently employed worried about job security. Before the pandemic, this figure was only 18 per cent. For those in casual employment, this number increases to 45.4 per cent.
The research also indicated that more than half of people or 55.4 per cent say they could only last three months or less if they were suddenly made unemployed, including 16.9 per cent who would not be covered at all.
“This is going to have flow-on effects on consumer sentiment and consumer behaviour which influences the broader Australian economy as well,” said Ms Devoy.
“As you’d expect, the younger generations are most vulnerable, which is reflected in the research, with 20 per cent of under-30 saying that they are worrying about job security regularly.”
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