Unexpected costs, job loss and bad credit scores are the biggest financial fears for Australians
Over 10 million adults fear their finances wouldn’t be enough to cover them in an emergency.
As a nation, we’re shaking in our boots when it comes to financial security.New data released today reveals one in two (58%) of us fear we wouldn’t have enough money in our savings to cope with an unexpected cost, such as a medical emergency or sudden loss of employment.
This grim reality was revealed by finder.com.au, which surveyed over 2,000 Aussies to uncover their main money concerns.
Considering the prospect of job loss (41%) was the second biggest financial fear, the idea that Aussies may not have sufficient savings is worrying.
Surprisingly it’s baby boomers, perceived to be the luckiest generation, who are the most fearful of some kind of unexpected money emergency (70%), compared with generation X (57%) and generation Y (49%).
And perhaps unsurprisingly, more women (60%) than men (55%) listed this as their biggest fear.
Lack of savings isn’t the only thing keeping us up at night; a bad credit score (40%), falling behind on credit card repayments (34%) and being rejected for a credit application such as a home loan (29%) are a few other financial fears Aussies admit to facing.
If you’re one of the 58% who fear your savings won’t cover an unexpected cost, learning how to develop savings into a regular habit is a good goal for 2017.
- How to get AMP Saver’s new high interest bonus rate
- ING savings conditions are changing: The Barefoot Investor’s tips for customers
- The Barefoot Investor’s warning for 2021
- ING Savings Maximiser is changing the rules for bonus interest
- Revolut launches Junior accounts: How do these compare to Spriggy?