If you’ve been feeling the pinch in your purse lately, you’re not alone. A recent survey reveals that more than half of young Aussies are under financial stress and having trouble trying to make ends meet.
Battling to buy the basics
- According to the consumer survey conducted earlier this year, around 40% of all Aussies are under some sort of financial stress.
- If you’re young or on a low income, you’re hit even harder.
- More than half of young Aussies aged between 18 and 29 have difficulty coming up with the cash to buy food and pay their bills.
- There’s little improvement in 30 to 49 year old group either, with almost half also experiencing financial hardship.
Many can’t buy food or pay their bills
- For those experiencing financial difficulty, not being able to pay their bills caused the most stress.
- Overall 1 in 5 Aussies have trouble paying their bills. This increases to 1 in 3 young people, and 1 in 4 low income earners.
- Worryingly, 26% of young Aussies, and 17% of Aussies overall, simply don’t have enough cash to buy food and other basic necessities.
Looking for work
- A big part of the reason for the rise in financial stress is the job market.
- For those lucky enough to have a job, wages simply aren’t rising – but our expenses are.
- And those who are looking for work are often not having much luck.
- Unemployment amongst young people aged 15 to 24 is almost 13%, more than double the national average of 5.5%.
- More than 30% of young people aged between 15 and 24 are either unemployed, or have a job but want to work more hours.
- To make matters worse, statistics reveal that wage growth is at its lowest level ever.
Times are tough
- No wonder many Aussies feel like they’re doing it tough when it comes to their cash.
- Record low wages growth, sky-high petrol prices and high housing costs all combined to decrease cash flow in average household when this was surveyed earlier this year.
- We’re getting paid less, but our expenses are going up.
- When we’re trying to pay more with less cash, financial stress is the result.
How about you?
- What do you think? Do you think it’s getting harder to make ends meet?
- Are you out of work or not able to get enough shifts to cover your rent?
- Join the conversation, and share your story on our Facebook page.