30% of Aussies live payday to payday, 60% worry about debt often – WeMoney Financial Wellness Survey
Australia’s leading social financial wellness platform WeMoney has surveyed 1,046 Australians to uncover their thoughts about money and gauge their overall sense of financial wellness.
The survey found many Australians are anxious about their financial future.
Over half aren’t confident about their current financial situation.
Almost a third are living payday to payday.
Heading into 2022, the cost of living and rising property prices are the top two financial fears for Aussies.
WeMoney’s Financial Wellness Survey also found that:
- 29.7 % live paycheck to paycheck with more than 1 in 3 ‘just surviving’.
- 55 % don’t feel confident with their current financial situation.
- 6 out of 10 worry about debt, with 46 % doing so on a weekly basis.
- More than 7 in 10 have used a Buy Now Pay Later product.
- Cryptocurrencies and NFTs, at 42.6%, are more popular than traditional stocks, at 36.7%.
- More than 4 in 10 don’t have an emergency fund with close to 3 out of 10 not planning for large expenses.
- Over 40% want their next major purchase to be a property.
- More than 51% are spending more on Christmas in 2021 compared to 2020.
- 66.5% expect their largest line item at Christmas to be gifts.
“Some of our members’ attitudes towards their financial health make for concerning reading. Clearly the pandemic has impacted many people’s finances, and this was born out in a high percentage of people who were anxious about their current and future financial positions,” said WeMoney Founder & CEO, Dan Jovevski.
“On a positive note, while property prices are still a concern, the great Aussie dream of home ownership remains strong and saving is on the agenda for almost 60 percent of respondents in 2022.
The survey also confirmed how far crypto has come in the common consciousness of Aussies. We believe this trend is only going to get more popular,” said Jovevski.
For the full breakdown of data and the report please visit: www.wemoney.com.au/financial-wellness-survey
Based on survey of 1,046 WeMoney members aged between 18-70 between November 29th 2021 and 1st December 2021.
