Aussies lack­ing sav­ings for emer­gen­cies

Townsville Bulletin - - NEWS -

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.

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