How are we feeling overall as a nation when it comes to our finances?
Leah chatted with CEO of WE Money, Dan Jovevski about the results from their latest survey. The 2022-2023 WE Money Financial Wellness Survey has found that Australians are increasingly concerned about their financial wellbeing, with rising interest rates, inflation and household debt causing growing levels of anxiety.
The survey is run annually and asks Australians about their feelings and attitudes towards their own money. One of the biggest insights that they’ve taken away from this year’s survey, is that about 30% of the people they surveyed were in a category called just surviving. That number has now jumped to 43.6% as of last month. “So a lot more people are feeling the pinch, when it comes to their thoughts and feelings towards money. Across the whole spectrum of survey respondents, the ones that had a mortgage, were the ones most in financial difficulty in pain.”
“When we dug deeper into that number, participants that did have a budget set had 40% less financial stress. So if people simply understand where their money is going, they feel like they’re more in control. Which actually leads to lower anxiety, even if the numbers are higher. So if it was actually a good takeaway from the survey, that a simple budget can actually help make you feel better about your money.”
Listen to the full chat below