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
Aussie market falls on US inflation
The Australian sharemarket has fallen on the bell after Wall Street experienced sharp sell-offs overnight due to hotter than expected inflation data. ...Read more
Stock market
Westpac 1H profits soar post-pandemic
Australia’s improving economic outlook has seen the profits of a big four bank surge, which is said to signal strong dividend gains across the market, an industry expert has revealed. ...Read more
Stock market
Limiting internet searches for investors ups likelihood of a stock market crash
Internet searching does not exacerbate investors’ biases – instead, it facilitates their ability to access and analyse information, new research has revealed. ...Read more
Stock market
Ethical investing tipped to drive ETF market
Following a volatile 2020 where investors poured into ETFs, shareholders are tipped to focus on ethical investing and technology as the recovery from the COVID-19 pandemic continues, an industry expe...Read more
Stock market
‘The concept of collective investing is here to stay’
The phenomenon of retail investors acting as a collective, led by social media and celebrity investors, is here to stay, says one expert. ...Read more
Stock market
What is short selling and should you do it?
Short selling stocks may sound like a good investment strategy when you’re after quick and big returns, but is it worth the risk? Here’s a rundown of why shorting stocks may not be a sound stock t...Read more
Stock market
How much insider trading really happens?
There are at least four times as many people who get away with insider trading than the number of those caught by prosecutors, new research has revealed. ...Read more
Stock market
Why you should be wary of the tech stock bandwagon
After a strong year of tech stock gains, tech shares have been on a decline in recent weeks as increasing bond yields rattle equity markets. ...Read more
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Stock market
Aussie market falls on US inflation
The Australian sharemarket has fallen on the bell after Wall Street experienced sharp sell-offs overnight due to hotter than expected inflation data. ...Read more
Stock market
Westpac 1H profits soar post-pandemic
Australia’s improving economic outlook has seen the profits of a big four bank surge, which is said to signal strong dividend gains across the market, an industry expert has revealed. ...Read more
Stock market
Limiting internet searches for investors ups likelihood of a stock market crash
Internet searching does not exacerbate investors’ biases – instead, it facilitates their ability to access and analyse information, new research has revealed. ...Read more
Stock market
Ethical investing tipped to drive ETF market
Following a volatile 2020 where investors poured into ETFs, shareholders are tipped to focus on ethical investing and technology as the recovery from the COVID-19 pandemic continues, an industry expe...Read more
Stock market
‘The concept of collective investing is here to stay’
The phenomenon of retail investors acting as a collective, led by social media and celebrity investors, is here to stay, says one expert. ...Read more
Stock market
What is short selling and should you do it?
Short selling stocks may sound like a good investment strategy when you’re after quick and big returns, but is it worth the risk? Here’s a rundown of why shorting stocks may not be a sound stock t...Read more
Stock market
How much insider trading really happens?
There are at least four times as many people who get away with insider trading than the number of those caught by prosecutors, new research has revealed. ...Read more
Stock market
Why you should be wary of the tech stock bandwagon
After a strong year of tech stock gains, tech shares have been on a decline in recent weeks as increasing bond yields rattle equity markets. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
