Aussies stress about discussing financial issues with their partner
Cash-strapped Australians are tossing and turning at night because they are worried about their financial state. This is what’s bothering them.
Saver HQ
Don't miss out on the headlines from Saver HQ. Followed categories will be added to My News.
Financial stress is causing many Australians to toss and turn at night and some are avoiding discussing money with their partner.
High debt levels, record-low interest rates and failing to budget are some of the main reasons 39 per cent of Australians admit money worries them and they cannot sleep.
Independent research compiled for financial services firm Spaceship’s Fear of Finding Out report revealed the following concerns:
• 62 per cent of Australians feel financially anxious.
• 31 per cent are embarrassed about their spending habits.
• 38 per cent don’t feel comfortable talking about money with their partner.
• 33 per cent refuse to share a bank account with their partner.
Financial adviser Scott Haywood said financial worries varied depending on a person’s age but too many people lived pay cheque to pay cheque.
“For people in their 60s and 70s they are worried about running out of money because the pension is so low,” he said.
“People in their 50s are worried about having enough money in retirement.
“Those in their 30s and 40s don’t really care, as long as they have a house and can pay their school fees.
“And those in their 20s don’t have a care in the world and are impulsive and will do things straight away.”
Christmas is just four weeks away and is always one of the most expensive times of year.
Many shoppers will be using credit options to pay for presents, food, alcohol and travel over the Christmas and new year period.
Reserve Bank of Australia statistics showed in December last year Australians owed $49.7 billion on credit cards and $29.2 billion was accruing interest.
The average credit card balance was $3366.
Roy Morgan figures showed in the 12 months to January 2019, 1.59 million Australians used at least one buy now, pay later scheme such as Afterpay and Zip Pay.
Spaceship chief executive officer Andrew Moore said many financial worries were brought on by “not being in control”.
“Sometimes people don’t invest in the basics like a budget and knowing their inflows and outflows,” he said.
Mr Moore said the popularity of buy now, pay later schemes could result in people spending without thinking through their purchases.
“You can get some spontaneous or irrational spending and only afterwards are they tallying it up and it wasn’t something that was in their budget,” he said.
MORE NEWS:
How your Christmas gifts could be spying on you
JB Hi-Fi opens nation’s smallest express store
Plan to slash health fund premiums revealed
How much to pay for solar panels
Mr Haywood said retirees were under increased financial strain given record-low rates on cash savings.
“They are being forced to take more risks than ever before because they can’t get a return out on cash and that stresses them out,” he said.
He urged people to review old bank statements and “know where your money is going”.