Invest
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.”
RELATED ARTICLES
Economy
CPI data another piece in RBA's interest rate decision puzzle, says REIA
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics (ABS) shows that inflation rose 3.4% in the 12 months to February 2024, unchanged from the previous two months, ...Read more
Economy
Including passive job seekers in unemployment measure doesn't impact economic cycle view, study finds
New research from e61 Institute has found that while current unemployment measures may not capture all job seekers, broader definitions that include passive job searchers do not provide better ...Read more
Economy
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024. Read more
Economy
Australian founders adapt to the challenging fundraising environment with optimism and strategic shifts
The landscape for start-up funding in Australia has been increasingly challenging, but this has not dampened the spirit of the country's entrepreneurs. Read more
Economy
Signs point to possible US economic 'soft landing' in ClearBridge analysis
The US economy may be steering towards a 'soft landing' despite mixed signals from the stock market, according to a recent analysis by ClearBridge Investments. Read more
Economy
Alternative fund managers predict capital raising surge in 2024
Alternative investment fund managers are predicting a sizable increase in capital raising efforts in 2024, according to a global study by Ocorian, a leading alternative investment fund administratorRead more
Economy
Understanding the economic indicators that affect your earnings
The landscape of personal finance is profoundly influenced by broader economic trends and indicators. Read more
Economy
Navigate market turbulence with expert advice: no crystal ball needed
In an era fraught with investment market uncertainties, from fluctuating interest rates to geopolitical strife, seasoned market experts are guiding investors through the mire, offering sage advice on ...Read more
Economy
CPI data another piece in RBA's interest rate decision puzzle, says REIA
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics (ABS) shows that inflation rose 3.4% in the 12 months to February 2024, unchanged from the previous two months, ...Read more
Economy
Including passive job seekers in unemployment measure doesn't impact economic cycle view, study finds
New research from e61 Institute has found that while current unemployment measures may not capture all job seekers, broader definitions that include passive job searchers do not provide better ...Read more
Economy
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024. Read more
Economy
Australian founders adapt to the challenging fundraising environment with optimism and strategic shifts
The landscape for start-up funding in Australia has been increasingly challenging, but this has not dampened the spirit of the country's entrepreneurs. Read more
Economy
Signs point to possible US economic 'soft landing' in ClearBridge analysis
The US economy may be steering towards a 'soft landing' despite mixed signals from the stock market, according to a recent analysis by ClearBridge Investments. Read more
Economy
Alternative fund managers predict capital raising surge in 2024
Alternative investment fund managers are predicting a sizable increase in capital raising efforts in 2024, according to a global study by Ocorian, a leading alternative investment fund administratorRead more
Economy
Understanding the economic indicators that affect your earnings
The landscape of personal finance is profoundly influenced by broader economic trends and indicators. Read more
Economy
Navigate market turbulence with expert advice: no crystal ball needed
In an era fraught with investment market uncertainties, from fluctuating interest rates to geopolitical strife, seasoned market experts are guiding investors through the mire, offering sage advice on ...Read more
