Genworth and Lifeline tackle mortgage stress
Genworth has partnered with Lifeline in its Stress Down Day initiatives to tackle the negative effects of financial hardship and mortgage stress on families.
The education campaign which will run over the coming months aims to raise awareness of the early warning signs of financial stress and work to alleviate the emotional pressure caused by mortgage stress.
A recent Genworth Homebuyer Confidence Index found that almost 20 per cent of homebuyers in Australia expect to have difficulty meeting their mortgage repayments in the next year.
The campaign is being rolled out as part of Lifeline's annual 'Stress Down Day' and was supported by a number of politicians at its launch at the National Press Club of Australia.
Genworth hopes the work will be linked to the Australian Securities and Investments Commission's (ASIC) and the Federal Government's work via the MoneySmart website.
Genworth chief executive and president Ellie Comerford said mortgage stress could really "hit home" and was being exacerbated by rising unemployment, along with the rising cost of living combined with daily work pressures.
"Dialing Lifeline's 13 11 14 toll-free number can provide immediate counseling on stress. That's why we're partnering with Lifeline on its Stress Down Day initiatives in 2013. It's part of our ongoing commitment to support efforts that enhance the quality of life in the communities where we work and live," she said.
Lifeline chief executive Jane Hayden said it was hoping for participation from all walks of life, including politicians and opinion leaders.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
