Although the majority of Australians are still choosing not to access professional financial advice, Mortgage Choice and Core Data research is showing 25 per cent of adults worry about personal finances every day.
A Mortgage Choice/Core Data whitepaper showed that 24.4 per cent of respondents worried on a weekly basis, while a further 13.9 per cent were concerned monthly.
Mortgage Choice chief executive, John Flavell said the stagnant growth of wages compared to the rate of inflation had been the cause of severe angst.
“I am not surprised to hear that Australians are worrying about their money. The finding that nearly a quarter of all Australians worry about their finances daily is a startling statistic,” he said.
“Wages grew just 1.9 per cent between the December 2015 quarter and the December 2016 quarter, which is incredibly low by long-term standards.
“And while wage growth is stagnating, property prices continue to rise.”
Flavell said the current trend was likely to prevail, with added pressures consistent for Australia-based families. The whitepaper recommended strategic action, and Flavell said Australians would need to take charge of their financial situation head on.
“I would expect to see an even greater proportion of Australians stating that they worry about their money on a frequent basis,” he said.
“In the first instance, they should draw up a budget that includes all of their incomings and outgoings each pay cycle. The more detailed the budget is, the better off they will be.”
If in doubt after personal steps to remedy financial concerns, Flavell said Aussies should seek advice or assistance from an adviser as the most logical way forward.
“While budgeting isn’t always an easy or pleasant task, it is certainly a lot better than worrying,” he said.
“If, after creating a budget, people still find they worry about their finances frequently, the best thing they can do is ask for professional assistance.”