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.
RELATED ARTICLES
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Simplified retirement advice: Key to overcoming behavioural biases, experts say
In a bid to enhance retirement outcomes for Australians, a recent whitepaper by Industry Fund Services, in collaboration with Challenger, has highlighted the importance of simplifying retirement ...Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Simplified retirement advice: Key to overcoming behavioural biases, experts say
In a bid to enhance retirement outcomes for Australians, a recent whitepaper by Industry Fund Services, in collaboration with Challenger, has highlighted the importance of simplifying retirement ...Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
