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Financial stress among working Australians reaches decade high, AMP report finds
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Financial stress among working Australians reaches decade high, AMP report finds
Financial stress levels in Australia have hit their highest point in 10 years, according to AMP's latest Financial Wellness report.
Financial stress among working Australians reaches decade high, AMP report finds
Financial stress levels in Australia have hit their highest point in 10 years, according to AMP's latest Financial Wellness report.
The biennial research revealed that only one in three working Australians feel financially secure, down from half during the pandemic in 2020.
AMP Bank Group Executive Sean O'Malley said the results were not surprising given current economic pressures.
"It's clear more Australians aren't feeling secure with their finances, not surprising given cost of living pressures and housing unaffordability challenges," Mr O'Malley said.
The report found that one in three Australians have cancelled streaming subscriptions and gym memberships due to financial pressures.
More Australians are turning to family, friends and social media for important financial decisions, with only one in nine consulting their super fund and one in 20 seeking help from a financial adviser.
AMP Group Executive for Super and Investments Melinda Howes noted that short-term financial demands are impacting longer-term planning.
"What's also apparent from the research is that with a focus on paying the bills and keeping their heads above water, more Australians are understandably planning and thinking less about their longer-term financial goals," Ms Howes said.
The research also revealed that Australians approaching retirement age have the highest levels of stress of any age group surveyed, with almost two in five being moderately to severely stressed.
A sharp rise in stress was noted for those earning between $100,000 and $150,000, with nearly one in four in this income bracket reporting severe or moderate financial stress.
The report found that close to one in three financially stressed Australians have financial secrets they have not shared with anyone else.
To address these issues, AMP suggested speaking to a Super Coach, checking home loan rates, seeking assistance when needed, and utilising available resources such as podcasts and online tools.
The research was conducted in July 2024, surveying 2,475 Australians aged 18 years and over about their attitudes to financial stress and levels of financial wellbeing.
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