Australian income one of the highest in the world but Aussies continue to struggle with money blog image

Australian income one of the highest in the world but Aussies continue to struggle with money

Facebook Twitter LinkedIn Mail Us

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.

Related:  Dealing with excited clients, property and a Saturday auction

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.

If you liked our “Australian income one of the highest in the world but Aussies continue to struggle with money” post, subscribe to our newsletter and stay in touch with us on Facebook, Instagram, and Twitter.

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.


Photo: Stock Photo Secrets



The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only.

Although every effort has been made to verify the accuracy of the information contained on this website, lnfocus, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Join our mailing list today!

Keep up to date with our latest news & updates!