Archive for year: 2017
Why Is Financial Stress In Australia So High?
We know that money can’t buy happiness but it can help us plan for a happier life. In a recent study*, over 64% of Australians reported experiencing financial stress or vulnerability. Struggling with bad debt, trying to save for retirement and taking care of family are three key factors associated with high levels of financial stress. Millions of Australians are fighting to keep up with the cost of living and over two million of us report high levels of stress and vulnerability when it comes to money. Navigating a complex financial market with limited formal financial education means that many of us are using financial products and services that do not meet our needs and millions more are excluded from the services that will enable them to flourish.
It’s no wonder financial stress levels are high, and rising.
One in two Australians reports having only a basic understanding of financial products and services*. The financial landscape is complex and there is no shortage of information and advice available. With an overwhelming amount of advice at our fingertips, many of us turn to family or friends and adopt the financial behaviours of our parents. While the support of friends and family is vital for the development of financial resilience, our closest confidantes often don’t have the knowledge or resources to help us make the right decisions. When it comes to our finances, it’s difficult to know who to trust and with mainstream and informal providers all out to make a profit, it’s no surprise we often turn to our friends and family first.
But Australians with social connections to lean on and access to financial services should count themselves lucky. One in five Australians has limited or no social connections to turn to in times of financial stress and one in four has difficulty accessing financial services in the first place*. This means that at times of great financial need, many Australians are forced to rely on fringe and informal products which tend to carry high interest rates and further contribute to the stresses of over indebtedness. And mainstream financial service providers aren’t renowned for their care and compassion when things get tough.
This is why I have made it my mission to help people experiencing financial stress and vulnerability. I help Australians choose and use the products and services that will enable them to overcome financial adversity. I help those who have been denied access to the resources they need to change their lives. And I support them every step of the way. Every situation is different. Every client deserves to be heard and to have a financial plan that suits their individual needs. This is often where our mainstream financial system lets us down, knocking us back at a time of great need.
Taking control of your financial wellbeing is not easy. There’s no formal teaching or training on how to best manage debt, save money or select financial providers that best meet our needs. But it’s my mission and my personal challenge to make a change to the way we choose and use financial products and services.
Money can’t buy happiness, but having enough gives us the chance to chase it. If you are feeling the burden of financial stress, please contact me and let me help you build the resources you need to take control.
Disclaimer Statement: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.
Lending Mate™ trading as Free From Financial Worries Pty Ltd (ABN 88 134 812 165), Credit Representative number 442518 is an authorised representative of Connective Credit Services Pty Ltd (ABN: 51 143 651 496), Credit License number 389328.