Retirement
Top age groups, cities for financial stress revealed
Two in five Aussie workers experience financial stress throughout their career, and the degrees of stress are varied according to city, gender and income brackets.
Top age groups, cities for financial stress revealed
Two in five Aussie workers experience financial stress throughout their career, and the degrees of stress are varied according to city, gender and income brackets.
AMP’s Financial Wellness Report, released today, has found that 2.44 million Australians are currently dealing with financial stress, with nearly half suffering for an average six and a half years or more.
According to the index, which measures how employees see their current and future financial situation, 5 per cent of Australian workers experience severe financial stress, while 14 per cent are moderately worried and 35 per cent mildly concerned.
Of those experiencing monetary stress, single parents and women were some of the worst affected, with 35 per cent and 24 per cent, respectively, found to be suffering.
Those in shared accommodation also felt the burden of financial worries, with 31 per cent reporting feelings of stress.
Interestingly, all levels of wealth were found to be impacted by the affects of financial stress.
Although lower-economic groups were the worst impacted, with the $50,000–$74,999 earnings bracket and the $25,000–$49,999 recording the highest stress levels at 26 per cent and 24 per cent, respectively; 16 per cent in the $75,000–$99,999 earnings bracket and 12 per cent in the $100,000–$149,999 still indicated they experienced financial worries.
Brisbane and Adelaide were the two cities with the highest number of financially stressed occupants, 25 and 22 per cent, respectively, while transport, postal and warehousing workers were the most impacted (25 per cent).
Administrative services and hospitality workers were the next largest group of financially stressed workers (24 per cent), followed by financial and insurance workers (21 per cent).
The report found that the significant number of workers feeling financial stress is likely costing Australian businesses close to $31.1 billion a year, as burdened employees take an extra 2.4 sick days per year and spend an hour per week dealing with money problems at work.
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more