Invest
Ignorance is not bliss: poor financial awareness costing sleep
Australians are sticking their heads in the sand when it comes to expenditure, and it’s costing them their sleep, new research reveals.
Ignorance is not bliss: poor financial awareness costing sleep
Australians are sticking their heads in the sand when it comes to expenditure, and it’s costing them their sleep, new research reveals.
Further, only 22 per cent of credit card holders accurately know their credit card debt. That’s according to UBank’s Know Your Numbers Index.
The index revealed that while 76 per cent of Australians remember their parent’s phone number, 86 per cent don’t know how much they spend in a month. This can contribute to financial problems over time, UBank CEO Lee Hatton said.
“While there’ll always be some costs we can’t plan for, it’s important budgets are created and stuck to, to minimise potential stress in the future,” he said.
Poor financial awareness can trickle into poor physical health as sleep and stress levels take a hit. Fifty-nine per cent of respondents conceded that their financial situation has caused them to lose sleep, or contributed to stress.
“With so many numbers to monitor and keep track of, it’s no surprise people are feeling overwhelmed, even when it comes to simple financial tasks like budgeting” Mr Hatton said.
“Financial management tools and budgeting apps are a great way for people to get on top of their money and feel in control of their finances.”
Continuing, he said that as the cost of living grew 2 per cent last year, and is currently at its strongest pace of growth in 3.5 years, it’s now more important than ever that Australians are in touch with their finances.
“Having your finances sorted is an important part of maintaining a balanced lifestyle, and unfortunately too many Australians are experiencing the effects of not understanding their finances. Worryingly, only one in five Australians (20 per cent) say they have full control of their finances.”
The index uncovered that 82 per cent don’t know their exact home loan rate, however Mr Hatton said greater awareness is a step towards making better financial decisions.
He said the better acquainted Australians are with their finances, the less stress and more money they will have.
“It’s important Australians borrow less and live more,” Hatton said.
“UBank encourages Australians to eliminate financial stress by reviewing their finances and finding the best deals on offer. A little bit of homework can go a long way to reduce the strain and help Australians live a bigger, happier life.”
Speaking to Nest Egg sister site Wellness Daily, financial wellness advocate Clayton Daniel said financial stress isn’t the exclusive domain of those with low incomes.
Arguing that its money management, rather than income level that makes the difference, he said, “Money stress is not always about not having enough. A lot of the time, money stress is just thinking about it too much.
“For example, someone could be on $150,000 a year but if they have a lot of fixed costs they are not tracking then the majority of their money after tax takes a scenic journey through their bank account but really belongs to everyone else. People on decent salaries have financial stress.”
He said one of the best ways to beat financial stress is to think about money less and use technology, like apps, to take care of and monitor financial situations.
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
The Olympic effect on property and equity investors; COVID-19 Disaster Payments and super
Listen now
Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?
Listen now
Will lockdowns halt the housing boom? Is the metaverse taking over? And the cons of lodging your tax returns early
Listen now
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
