Poor finances keeping Aussies awake at night

By Cameron Micallef

August 26 2019
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One in five Australians doesn’t have a single dollar in savings and so, not surprisingly, are extremely worried about their financial situation, new research has revealed.

A new survey from Finder has found that a whopping 14.5 million Australians hold some level of stress about their finances.

Nineteen per cent indicated that they are extremely worried about their finances, while a further 55 per cent admitted they are “somewhat” stressed.

Finder’s money expert, Bessie Hassan, said it’s the current economic environment that is causing Aussies headaches.

“With one of the highest costs of living in the world, Aussies should be taking every opportunity to cut costs where they can – and this doesn’t have to mean compromising on quality or features,” she said.

The costs of keeping a roof over their heads is a major concern for Australians – one in three indicated mortgages and rental costs as their main concern.

The rising cost of living is also anxiety-inducing, with energy bills, groceries, council rate, health insurance and credit card bills named as other major factors causing Aussies stress.

To improve their financial health, the comparison site considered that Australians should look to get a better deal on their debts and their utilities.

According to Finder, an increase in competition means it’s an “exciting time” to be a consumer seeking out a better deal.

“In today’s hypercompetitive world, it simply doesn’t pay to be loyal,” according to Ms Hassan.

She said, “Switching products is a great way to fast-track savings and alleviate financial stress.”

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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