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Financial Worries Surge as Australians Face Economic Challenges

In a decade-long analysis, AMP’s recent Financial Wellness report uncovers a growing cloud of financial anxiety looming over Australian workers, with two-thirds expressing some level of financial distress.

Particularly notable is the strain felt by those aged 55 to 59, where almost 40% report moderate to severe stress, highlighting growing concerns as retirement approaches.

Contrary to the escalating stress, merely 13% of those grappling with moderate to severe financial stress had consulted financial advisors. Alternatively, many lean on familial and friendly networks (31%), with digital outlets like Google (27%) and social media (15%) as secondary sources for guidance on financial matters.

Alarmingly, 35% of those experiencing significant financial distress, alongside 30% of their more secure or mildly stressed counterparts, reported no consultation of external resources for financial advice. This situation underlines a substantial opportunity for financial advisors to reach out and fill this advisory gap.

The report sheds light on income's influence on financial stress levels, with those earning between $15,000 and $49,999 bearing the highest stress percentages (32%). Nonetheless, a notable surge from 9% in 2020 to 24% in 2024 is evident among individuals with earnings in the $100,000 to $149,999 bracket.

Overall, the prevalence of moderate to severe financial distress has risen across income categories in the past four years, excluding a decrease observed in earners above the $150,000 threshold.

Exploring the ramifications of these financial strains, the report highlights that over half of Australians (54%) admit to infrequently reserving funds for retirement, and 41% of those under significant financial stress report a reshaping of their life ambitions due to growing economic pressures.

Short-term focus is eclipsing long-term financial strategies, with a third of Australians rarely planning for their financial futures.
Anticipation of a substantial elevation in living costs in the upcoming two years is held by 52% of the populace, amplifying financial concerns.

As noted in the financial revelatory study originally issued by AMP, Sean O'Malley, a leading executive at AMP Bank, urges Australians to harness the support of financial professionals to navigate and alleviate their financial turmoil.

Published:Thursday, 10th Oct 2024
Source: Paige Estritori

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