Fact: 40% of Australians today struggle to pay for at least one basic need such as food. This data coming from the Urban Institute shows that Australians are still struggling when it comes to their financial well-being. Financial stress has risen instead of their income which has made many Aussies so stressed about their finances that they can’t sleep at night.
Average Australian income one of the highest in the world
Australians have one of the highest average incomes in the world at around $69,039. However, official figures from the Bureau of Statistics (ABS) show that the household savings ratio have dropped to 2.1% which makes it the lowest rate since December 2007.
Even though Australians generally have savings to dip into to get by, some households may get to a point where there are no more savings to draw from.
High-income earners are also struggling with wealth management
If you think high-income earners are immune to financial woes, think again. Almost 20% that had a 400% household income above the surveyed poverty level also had trouble meeting a basic need. Furthermore, 1-in-10 high-income households have no retirement savings to lean on. Data from the survey also found that 1-in-5 middle-income households do not have any retirement savings.
Prevent financial stress with financial security
Securing your financial future is quite simple when you start implementing good habits. Cutting back on unnecessary expenses, tracking your finances, and planning ahead are great ways to achieve financial security.
They say money can’t buy happiness, but your relationship with it is an important factor in avoiding financial stress so you can sleep better at night.
If you require some help with “keeping your money and making it work harder for you” versus simply “working Yourself harder”, which robs you of experiencing the other parts of a happy life, speak to Chan & Naylor Wealth Planning Pty Ltd. who are licensed Financial Planners.
The earlier you start planning, the better your finances will be, and the “happier” you will be (potentially 😂).
Aside from wealth planning, have a look at our other accounting and advisory services that we do to help you achieve greater success.
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Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with wealth planning as well as any other business or personal tax enquiry that you may have. Contact us today.
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