Invest
States with top financial stress levels revealed
New research, which explores the attitudes and behaviours of Australians towards financial matters, indicates that more than one in two people across the country feel financially stressed.
States with top financial stress levels revealed
New research, which explores the attitudes and behaviours of Australians towards financial matters, indicates that more than one in two people across the country feel financially stressed.
The Financial Fitness Whitepaper, released by Mortgage Choice and CoreData, has revealed that more than 50 per cent of Australians are financially stressed, and almost 85 per cent say that it negatively impacts upon their sense of wellbeing.
Interestingly, the research showed that financial stress negatively impacts upon the wellbeing of Australians to different degrees: 90 per cent of female respondents said financial stress has a negative impact on wellbeing, versus 77 per cent of men.
Levels of financial stress also varied depending on location. Residents of Queensland (85 per cent), NSW (84 per cent) and Victoria (81 per cent) reported being more stressed than the other states and territories across Australia.
Responding to the findings, Mortgage Choice CEO Susan Mitchell said: “A number of factors may be contributing to people’s level of financial stress resulting from the shame associated with debt, poor planning and a general lack of understanding of their financial situation.”
Perhaps most troubling was the revelation that many respondents do not have clearly defined financial strategies in place. Over 26 per cent of respondents said they do not set financial goals, and of those who do, only 20 per cent document those goals. This could be a contributing factor to their stress, Mortgage Choice said.
“It is no secret that a sound financial plan with defined objectives give people looking to get financially fit a clear purpose and, subsequently, peace of mind. I would urge anyone who is looking to gain control of their finances to first reduce their level of personal debt, namely any high-interest, non-tax-deductible debt such as personal loan and credit card debt,” Ms Mitchell said.
“The research found that an alarming number of respondents were not saving a portion of their salary, with over 18 per cent of respondents saving nothing each pay cycle. Setting aside an emergency or rainy-day fund will teach you to save and will give you financial security in the short-term if you suffered personal tragedy or loss. I urge people to not underestimate the value of planning for the unexpected such as the breakdown of a marriage, illness or death.”
“Getting financially fit is no simple task, and as the research findings reveal, many people feel overwhelmed and do not know how to help themselves, which is why it is important to engage a qualified financial adviser,” she concluded.
Stock market
US lawmakers quiz key GameStop players
Notorious retail investor Keith Gill is facing a grilling from the US congress and the possibility of a class action lawsuit due to his alleged part in the GameStop saga, with policymakers convinced h...Read more
Stock market
Facebook’s news ban feared to have implications for the sharemarket
Facebook’s move to restrict the sharing and viewing of news in Australia could have huge implications for the sharemarket, an expert has said, as Treasurer Josh Frydenberg readies himself for anothe...Read more
Stock market
Stock market bubble fears overblown: Vanguard
Fears of a stock market bubble are “overblown” despite equity markets around the world closing in on all-time highs, an industry analyst states. ...Read more
Stock market
Experts blast Treasurer’s plan to permanently ease disclosure laws
Sharemarket disclosure laws could be permanently relaxed as the Treasurer looks to shield businesses from disgruntled shareholders, but legal experts have labelled Frydenberg’s reasoning “madness...Read more
Stock market
Is your portfolio climate change ready?
The vast majority of investors believe climate change will have an impact on their portfolio, yet not all investors are readying their asset allocation to take advantage of a net zero world, new resea...Read more
Stock market
Sharemarket penalises mining firms abusing human rights
The sharemarket has been a powerful tool in holding to account mining companies engaged in human rights violations, but informational campaigns by civil society groups and the media are the real aware...Read more
Stock market
ASX warns against the ‘gamification’ of investing
ASX chief executive Dominic Stevens has warned against the gamification of equities, as young traders lock their gazes on chasing returns at the expense of any real sharemarket knowledge. ...Read more
Stock market
What is a stock market bubble?
If history is to be trusted, stock market bubbles inevitably burst and end in a stock crash, with devastating effects on your portfolio. How can you protect your investment from the negative effects o...Read more
Stock market
US lawmakers quiz key GameStop players
Notorious retail investor Keith Gill is facing a grilling from the US congress and the possibility of a class action lawsuit due to his alleged part in the GameStop saga, with policymakers convinced h...Read more
Stock market
Facebook’s news ban feared to have implications for the sharemarket
Facebook’s move to restrict the sharing and viewing of news in Australia could have huge implications for the sharemarket, an expert has said, as Treasurer Josh Frydenberg readies himself for anothe...Read more
Stock market
Stock market bubble fears overblown: Vanguard
Fears of a stock market bubble are “overblown” despite equity markets around the world closing in on all-time highs, an industry analyst states. ...Read more
Stock market
Experts blast Treasurer’s plan to permanently ease disclosure laws
Sharemarket disclosure laws could be permanently relaxed as the Treasurer looks to shield businesses from disgruntled shareholders, but legal experts have labelled Frydenberg’s reasoning “madness...Read more
Stock market
Is your portfolio climate change ready?
The vast majority of investors believe climate change will have an impact on their portfolio, yet not all investors are readying their asset allocation to take advantage of a net zero world, new resea...Read more
Stock market
Sharemarket penalises mining firms abusing human rights
The sharemarket has been a powerful tool in holding to account mining companies engaged in human rights violations, but informational campaigns by civil society groups and the media are the real aware...Read more
Stock market
ASX warns against the ‘gamification’ of investing
ASX chief executive Dominic Stevens has warned against the gamification of equities, as young traders lock their gazes on chasing returns at the expense of any real sharemarket knowledge. ...Read more
Stock market
What is a stock market bubble?
If history is to be trusted, stock market bubbles inevitably burst and end in a stock crash, with devastating effects on your portfolio. How can you protect your investment from the negative effects o...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
