Save
The 10 professions most likely to go bankrupt
Bankruptcy doesn’t discriminate by lifestyle but it can strike some professions more than others, a bankruptcy service has said.
The 10 professions most likely to go bankrupt
Bankruptcy doesn’t discriminate by lifestyle but it can strike some professions more than others, a bankruptcy service has said.
According to registered bankruptcy trustee, Aravanis’ principal registered trustee Andrew Aravanis, it’s a misconception that bankruptcy is triggered by over-spending and poor habits.
He said it can happen to hardworking people who have fallen on bad luck, like a redundancy, bereavement or divorce.
The sudden financial burden can lead to more debt and financial difficulty. While there aren’t any trends around gender, home-ownership or employment type, there are some professions that have higher rates of bankrupt individuals.
Mr Aravanis said these professions are more likely to go bankrupt than any other, based on its own client base in 2017.
1. Managers (sales, marketing, PR, business administration, ICT)
2. Machine and stationary plant operators
3. Road and rail drivers
4. Business, human resource and marketing professionals
5. Health professionals (nurses and midwives)
6. Design, engineering, science and transport professionals
7. Construction trade workers
8. Other labourers
9. ICT professionals
10. Electrotechnology and Telecommunications Trade Workers
Mr Aravanis said the list shows those filing for bankruptcy may not share any commonalities.
“Although it is happening slowly, more and more Australians are realising that bankruptcy is actually a valid choice when faced with overwhelming debt,” he said.
“With more information on how to navigate bankruptcy and with the stigma fading away, thousands of Australians are choosing personal insolvency options like bankruptcy to help them to move on from an unmanageable financial situation and a highly stressful emotional position.”
Mr Aravanis said the myths of garnished wages, automatic sale of property and international travel bans are distorting consumers’ understanding of bankruptcy. He argued these myths are often started by “backyard experts” who are keen to share poor advice.
“This kind of misinformation adds an extra layer of difficultly for everyday Australians who need to make financial decisions while in hardship,” he said.
“Another issue we’re seeing is that people looking to file for bankruptcy are engaging online providers to help them complete their bankruptcy paperwork for a steep price!”
Mr Aravanis said consumers in financial difficulty need to remember they can access professional assistance for free.
Savings account
Maximising your savings effortlessly: The power of automation in Australia
In the fast-paced world we live in, managing finances can often become an overlooked aspect of our daily routines. However, the advent of technology has introduced a seamless solution to this ...Read more
Savings account
Maximising your savings account: What you need to know
Saving money is a fundamental aspect of financial security and wellbeing. Read more
Savings account
Are ‘nudges’ the secret ingredient to financial wellness?
Are better financial habits a simple reminder away? Read more
Savings account
Afterpay launches Money app, bank accounts and retroactive BNPL
Afterpay is upgrading its app-based arsenal. Read more
Savings account
2020 saw the fastest increase in bank deposits since the GFC
Bank deposits of Australian households increased by more than 12 per cent last year. Read more
Savings account
Australians are putting savings goals ahead of holiday plans
While travel restrictions are soon set to ease, Australians are still putting their savings goals first. Read more
Savings account
More than half of Aussie Millennials don’t have a savings plan
Money is remaining a taboo subject for Millennials, which is leading to poor saving habits, a big four bank has revealed. Read more
Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. Read more
Savings account
Maximising your savings effortlessly: The power of automation in Australia
In the fast-paced world we live in, managing finances can often become an overlooked aspect of our daily routines. However, the advent of technology has introduced a seamless solution to this ...Read more
Savings account
Maximising your savings account: What you need to know
Saving money is a fundamental aspect of financial security and wellbeing. Read more
Savings account
Are ‘nudges’ the secret ingredient to financial wellness?
Are better financial habits a simple reminder away? Read more
Savings account
Afterpay launches Money app, bank accounts and retroactive BNPL
Afterpay is upgrading its app-based arsenal. Read more
Savings account
2020 saw the fastest increase in bank deposits since the GFC
Bank deposits of Australian households increased by more than 12 per cent last year. Read more
Savings account
Australians are putting savings goals ahead of holiday plans
While travel restrictions are soon set to ease, Australians are still putting their savings goals first. Read more
Savings account
More than half of Aussie Millennials don’t have a savings plan
Money is remaining a taboo subject for Millennials, which is leading to poor saving habits, a big four bank has revealed. Read more
Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. Read more