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According to an ANZ study, Australians with poor physical or mental health are more likely to have low financial well-being.
ANZ latest Economic well-being survey Of the 3,550 randomly selected Australians, 68% say they are financially struggling and have moderate or poor mental health compared to 28% of the total.
Similarly, 57% of Australians who are financially struggling say they are in moderate or poor health compared to 27% of the total.
Professor Elaine Kempson of the University of Bristol defines financial well-being as a combination of two factors. That is, the amount of money you have and what you do with it.
Four in five Australians were confident in their ability to manage their daily money. About 37% of Australians have savings of 6 months or more, but 14% report no savings at all.
Men generally had higher financial well-being than females, with average scores of 66 and 62, respectively.
The report reveals that health, unemployment, income potential and life stages are the most important socio-economic factors affecting economic well-being.
Poor health had the greatest socio-economic impact on economic well-being, followed by unemployment.
On the other hand, those with a strong savings mind tended to be more financially happy because their attitudes towards savings and spending were positively correlated with the value of savings and investment. People with this idea also tend to have low levels of consumer debt.
“This study clearly shows that financial knowledge plays a relatively limited role. Financial behavior is much more important, even at relatively low incomes. What do you do with your money? It can make the situation better or worse, “Kempson said.
33% and 41% of people in the “go through” and “difficult” categories were more likely to use the Buy Now and Pay Later (BNPL) scheme, respectively.
Meanwhile, 8% or 1.5 million Australians are using the new Payon Demand service. This is a short-term loan that allows someone to access the check in advance for a fee.
research According to the finder, most Australians using this service are Gen Z (22%) compared to 11% of millennials and 1% of baby boomers. Gen Z is also most likely to be “extremely stressed” in economic conditions compared to other generations.
“Paion demand services like Beforeepay are relatively new, but they’re basically short-term loans and should be treated with the same care,” said Kate Browne, Finder’s personal finance expert. increase.
“They can help in a short period of time … Conversely, having regular access to income before payday can lead to poor money habits such as overspending and inability to save,” she said. Told.
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Rebecca Zhu is an Australian reporter based in Sydney. She focuses on Australia’s economy, property and education. Contact her at [email protected].
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