Financial Stress A Daily Nightmare
On reading the Hearld Sun on Monday November 12th 2018, pg.17, I came across an article by SOPHIE ELSWORTH and it caused me to ponder the following ………………….
MONEY worries are keeping us awake at night and forcing many people to
constantly monitor their bank balances, alarming new figures show.
The rising cost of living and slow wage growth are among the key factors
hitting Australians’ hip pockets and resulting in people living week to week.
A report by investment firm Perpetual quizzed 3000 Australians and found 34 per cent
had money on the mind constantly, while 19 per cent said it was always on their mind.
And another 15 per cent said it was a constant worry.
Perpetual’s senior manager of client insights, Gary Lembit,
said people’s thoughts were dominated by how they had to divide up their income.
“People are conscious about all the things they need to be spending money on,” Mr Lembit said.
“They are conscious about a lot of things, for instance, responsibilities for their family and
making sure they have all the things they need, and that is daunting.”
The research also found 57 per cent of people regularly checked their bank balance.
About half of the population (46 per cent) tried to avoiding spending money on things they did not need.
As we edge closer towards Christmas, it remains one of most expensive periods for households when many consumers rack up serious credit card debt.
Latest Reserve Bank of Australia data showed Australians owed $51.5 billion on credit cards and $32.1 billion was accruing interest.
The RBA board kept the cash rate on hold last week, but many banks have started to
push up their home loan rates, adding to the strain on household finances.
Rising Tide Financial Services managing director Chris Browne said many people
followed the financial habits of their parents and this could cause problems if they grew up with bad money managers.
“If your mum and dad have a negative view of money, or poor money habits,
you are likely to be the same,” Mr Browne said.
“But the good news is that you can break the cycle if you’re prepared to
‘fly the white flag’ and get help from an expert.”
The research also found about 45 per cent of people regularly hunted out discounts or specials.