Money worries making us sick
STRESSED out Australians admit financial worry is affecting their health and many blame overspending during the summer months.
Some households have been left laden with credit card debt after feeling pressured to spend more money than they wanted to over the Christmas and New Year period.
A combination of cost-ofliving pressures, flat wage growth and mortgage stress are also among the key factors impacting Australians’ monetary state.
New independent research commissioned by lender CUA quizzed 2000 Australians and found 24 per cent said monetary woes were making them unwell.
About 28 per cent felt they had to spend more money during the summer holiday period than they wanted to shell out.
Latest Reserve Bank of Australia figures show credit card customers owed a massive $51.9 billion on plastic and more than $31.4 billion was accruing interest.
But this has fallen from December 2017 when cardholders owed $52.9 billion and $31.7 billion was accruing interest.
CUA’s head of communications and community Nicole Pedwell said for those feeling financial strain it was a good time to take stock of their finances.
“When people realise one area of their life is adversely impacting another – like financial pressure starts to impact on their health or relationships – that can often be the catalyst to start making changes,” she said.
“Help is out there for people – not just financial institutions – you have doctors, mental health professionals and counsellors.”
The research also showed one third of Australians use their credit card to pay for all purchases.
Tribeca Financial Services’
PEOPLE NEED TO STOP TRYING TO ‘KEEP UP WITH THE JONESES’ AND FOCUS ON WHAT IS REALLY IMPORTANT TO THEM
RYAN WATSON
director Ryan Watson said he was “constantly surprised” by the amount of people living pay cheque to pay cheque.
“People need to stop trying to ‘keep up with the Joneses’ and focus on what is really important to them, i.e. relationships over possessions,” he said.
“Live within your means, for example each household should be saving at least 20 per cent of household income.”
Mr Watson said he often saw clients save up to 30 per cent annually on their bills including mobile phone, gas, electricity when they did a review of the costs they were being charged.