September 2nd 2024.
A recent survey has shed light on the financial struggles faced by many Australians. According to the data gathered by comparison website Finder, it was found that more than half of the population - 52 per cent to be exact - often find themselves running out of money before their next payday. In fact, 16 per cent of them experience this every month, with an average shortfall of $249.
This amounts to a staggering $678 million in monthly cash shortages across the country. Surprisingly, the survey revealed that women are almost twice as likely as men to always face this issue, with 20 per cent of them admitting to it compared to 11 per cent of men. The main cause of this financial strain is the rising cost of living, cited by 69 per cent of respondents. Additionally, 40 per cent attributed it to unexpected expenses, while 20 per cent pointed to overspending early in their pay cycle, the lack of an emergency fund, and debt repayments.
Sadly, the consequences of these financial struggles are severe. In the worst cases, individuals are forced to skip meals or turn to credit cards in order to cover their expenses. This only adds to the stress and burden, as they are stuck in a cycle of debt with no clear way out. Graham Cooke, head of consumer research at Finder, expressed concern over the affordability crisis faced by many households. He stated, "It's very grim for households right now as many completely run out of money between paychecks. The soaring cost of living has run bank accounts dry."
In order to combat this issue, Cooke suggested that individuals take proactive steps to increase their income and reduce their expenses. This could include asking for a pay raise, taking up side hustles or weekend work, and cutting unnecessary subscriptions. He also advised considering interest-only home loans and increasing excesses on insurance policies to improve cash flow.
As we navigate through these challenging times, it's important to remember to take care of our financial well-being. It's crucial to have open and honest conversations about money and to seek help when needed. With the Paralympic Games Paris 2024 just around the corner, let's take inspiration from the determination and resilience of the athletes and work towards building a brighter financial future for ourselves and our families. So, don't forget to tune in to Channel 9, 9Gem, and 9Now for live coverage of all the events, and catch ad-free streaming on Stan Sport with 4K quality.
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