Australians are lying awake worrying about their finances, UBank research shows

AUSTRALIANS are stressed about their finances and it’s keeping them awake at night. Here’s how to fix your monetary woes.

IGNORANCE is bliss but not knowing the real state of your financial affairs can be a recipe for disaster.

Stressed Australians are tossing and turning at night and are financially frazzled, finding juggling money simply time consuming and tedious.

Financial institution UBank, a subsidiary of NAB, has released it’s Know Your Numbers Index and found an alarming 86 per cent of Australians are unaware of their monthly expenses.

Many Australians are worried about their financial affairs and it is keeping them awake at night.

It also revealed:

— 59 per cent are stressed or have loss of sleep about money.

— Only 22 per cent accurately know their credit card debt.

— Only 25 per cent use budgeting tools.

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The bank’s chief executive officer, Lee Hatton, has urged people to take control of their money and try and improve their financial wellbeing.

UBank chief executive officer Lee Hatton.

Ms Hatton said if you have debts you should know the rates that apply and try and get a better deal.

“About 82 per cent of people don’t know the interest rate on their home loan, how on earth are they expected to control their destiny,’’ she said.

“If you have got debt anywhere, whether it be a credit card or home loan, find a better rate.

“Also think about much you earn, how much you are putting into your super and where your money is going.”

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She suggested checking the applicable interest rates on your debts including the most costly of these — credit cards, followed by personal loans and mortgages.

There are also plenty of ways to keep on top of your finances including using apps, excel spreadsheets, using a diary to track your finances and also monitoring your banking apps including putting alerts to help you.

Certified financial planner Patrick Canion said your mortgage rate should have a “3” in front but the credit card interest rate isn’t the most critical detail to know.

Certified financial planner Patrick Canion said knowing your financial situation is a good way to try and get in control of your money.

“With your home loan your rate depends on how much equity you have, are you a first homeowner or an investor, but if it’s your own home it should have a “3” in front of it,’’ he said.

“What’s more important with your credit card is the interest-free period, the best credit cards have a long interest-free period and you need to be able to pay it off in full.

“But a low card interest rate is more important than frequent flyer points, loyalty programs or concierge services, so look for a low rate.”

@sophieelsworth

Originally published as Australians are lying awake worrying about their finances, UBank research shows