Money stress in Australia is at its highest point in 10 years, according to financial services company AMP’s latest research.
AMP’s Financial Wellness report found that just one in three working Australians now feel financially secure, down from one in two in 2020.
And a third of Australians have also cancelled things like streaming subscriptions and gym memberships.
The same proportion of people turned to friends or family members or even social media for money tips, compared to just one in 20 seeking help from a financial adviser.
People’s ongoing financial stress is also affecting their financial future, with long-term planning neglected in favour of seeking immediate savings.
“It’s clear more Australians aren’t feeling secure with their finances, not surprising given cost of living pressures and housing unaffordability challenges,” AMP bank group executive Sean O’Malley said.
“And while the research tells us that most are meeting their mortgage repayments, we …