1 in 4 Aussies worry about money daily: research

Nearly one in four Australians worry about their finances every day, according to new research.

Mortgage Choice and Core Data’s Evolving Great Australian Dream whitepaper has revealed 24.2% of Australians worry about money on a daily basis.

Another 24.4% of respondents said they worry about their finances on a weekly basis, while a further 13.9% said they worry on a monthly basis.

“The finding that nearly a quarter of all Australians worry about their finances daily is a startling statistic,” local Mortgage Choice franchise owner Rhye Livingstone said.

“That said, with the cost of living increasing and wage growth stagnating, I am not surprised to hear that Australians are worrying about their money.

“The Australian Bureau of Statistics’ latest Wage Price Index found wages grew just 1.9% between the December 2015 quarter and the December 2016 quarter, which is incredibly low by long-term standards.

“And while wage growth is stagnating, property prices continue to rise, with data from CoreLogic showing property values across the combined capital cities have risen 11.7% over the 12 months to March 2017.

“In Sydney, property values are up 18.4% over the 12 months to March, while Melbourne property values have soared 13.1% over the same time period.”

All these things considered, Mr Livingstone said he could see why Australians worry about their finances regularly.

“Looking ahead, as property prices continue to rise, along with the cost of food, gas and electricity, childcare fees and transportation, I would expect to see an even greater proportion of Australians stating that they worry about their money on a frequent basis,” he said.

“If people want to stop worrying about their finances and take charge of their financial situation, the best thing they can do is act strategically.

“In the first instance, they should draw up a budget that includes all of their incomings and outgoings each pay cycle. The more detailed the budget is, the better off they will be. By having a detailed budget, people will be able to easily identify where they may be able to cut back.

“While budgeting isn’t always an easy or pleasant task, it is certainly a lot better than worrying about your finances on a regular basis.

“If, after creating a budget, people still find they worry about their finances frequently, the best thing they can do is ask for professional assistance.”

Table 1: How often do you worry about money?

How often do you worry about money?

National

Daily

24.20%

Weekly

24.40%

Monthly

13.90%

Few times a year

16.70%

Rarely/never

18.30%

Avoid thinking about it even though I should

2.50%

 

For further information, or to arrange an interview, please contact:

Rhye Livingstone
Mortgage Choice Frankston
Ph: 0459 958 893
E: rhye.livingstone@mortgagechoice.com.au

About the survey

Global market research consultancy CoreData was commissioned by Mortgage Choice to conduct the Evolving Great Australian Dream survey. The online survey was conducted earlier this year and completed by 1,043 Australians.

Important information

This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.

About Mortgage Choice

Mortgage Choice is an ASX listed company that seeks to help Australians with all of their financial needs.

Established in 1992, Mortgage Choice was originally established to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.

Since that time, the company has grown and developed into a fully fledged financial services provider.

Today, Mortgage Choice helps customers source car loans, personal loans, credit cards, commercial loans, asset finance, deposit bonds, and risk and general insurance.

Further, the company offers Australians access to real, relevant and affordable financial advice through our qualified financial advisers.

Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).

Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC.

Visit www.mortgagechoice.com.au or call customer service on 13 77 62.

Posted in: Lifestyle

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