Economy driving anxiety over financial obligations

The number of Australians anxious about their capacity to meet their essential financial obligations has increased by an estimated 1.3 million people, according to the latest Unisys Security Index.

Rising inflation, interest rates and the high cost of living has left a total of 5.2 million Australians “extremely or very concerned” about meeting essential financial obligations, the index reveals.

Unisys vice president and general manager, Asia Pacific, Andrew Barkla said the index reveals that one in three Australians are extremely or very concerned about meeting essential payments, such as mortgages.

This represents a “shift in the concerns of Australian consumers from big picture issues, such as national security, to those that affect their everyday lives”, he said.

Specifically, the survey found that 40 per cent of 35 to 49 year olds are very or extremely concerned about their ability to meet essential financial obligations, such as paying off their mortgage.

The survey also found that respondents in the 35 to 49-age bracket were more concerned about the security of online banking compared to 18 to 24 year olds.

Overall, 9.2 million Australians were found to be extremely or very concerned about credit card/debit card fraud and the unauthorised access to or misuse of their personal information.

A total of 65 per cent of low-income households — those with an annual household income of less than $30,000 — are the most concerned about credit card/debit card fraud.