Aussies lacking savings for emergencies
ONE in four cash- strapped Australians say they only have enough money saved to cope with an emergency costing them just $ 400 or less.
Startling new Galaxy research has revealed many people are living close to the edge with little money saved without having to turn to a credit card, borrowing money or taking out a loan to cope if something goes wrong.
The data compiled for debt solutions company Fox Symes has shown for bigger unexpected expenses, costing as much as $ 1000, only half the population said they would have enough cash tucked away for such a cost.
Fox Symes director Deborah Southon said the findings were “really disturbing”.
“People don’t even have $ 400 in the bank to pay for an emergency like something happening to their car or their fridge or washing machine blowing up,” she said.
Ms Southon said all adult Australians had to have at least three months worth of salary set aside so they have a base to go forward from.