Money a constant stress

1 in 3 say financial woes always on their mind

MONEY worries are keeping us awake at night and forcing many people to constantly monitor their bank balances, alarming new figures found.

The rising cost of living pressures and slow wage growth are among the key factors impacting Australians’ hip pockets and resulting in people living week to week.

In a new report from investment firm Perpetual, 34 per cent of 3000 Australians sur- veyed said they had money on the mind constantly, while another 15 per cent conceded 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, for instance on paying bills and other expenses.

“People are conscious about all the things they need to be spending money on,” he 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 check their bank balance.

About half of those surveyed (46 per cent) tried to avoiding spending money on things they did not need.

As we edge closer towards Christmas it remains one of the most expensive periods for households and when many consumers rack up serious credit card debt.

Latest Reserve Bank of Australia data showed Australians currently owe a massive $51.5 billion on credit cards and $32.1 billion is accruing interest. The RBA board kept the cash rate on hold last week, but despite this many banks have started to push up their home loan rates, adding further costs to their monthly expenses.

Rising Tide Financial Services managing director Chris Browne said many people followed the financial habits of their parents and that 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,” he 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.”

He encouraged people not to bury their head in the sand and instead seek help to get improve their financial status.

The research also found about 45 per cent of people regularly hunted for discounts or specials.