1 in 3 Australians are two pay packets away from financial stress

DESTITUTE Australians are leaving themselves vulnerable by having no savings at all and many admit they are in monetary stress, alarming new figures found.

One in seven Australians — or the equivalent to 2.6 million people — are in severe or high financial stress and have no cash stashed for a rainy day.

Instead they are living week to week and would not be able cope if they are struck by an emergency that requires instant funds.

And one in three people admit they are two packets away from suffering serious financial stress if they did happen to lose their job.

The new annual Financial Resilience in Australia report released today (FRI) by the Centre for Social Impact in partnership with National Australia Bank, revealed a worrying problem of so many Aussies leaving themselves financially vulernable and stressed about money.

The data compiled by Roy Morgan polled more than 2000 Australians on their financial resilience in 2016 and the rising cost of living combined with bigger household expenses that were pulling on pursestrings.

NAB chief executive officer Andrew Thorburn said it was vital financially-strapped Aussies didn’t leave themselves with no cash reserves in case of an emergency.

 

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