Rising cost of living has Aussies worried
Almost 40 per cent of Australians say the rising cost of goods and services is their single greatest concern of 2019, according to Mortgage Choice and CoreData’s upcoming Financial Fitness whitepaper,
Almost 60 per cent of female respondents cited rising costs as their number one concern, as opposed to 50 per cent of men.
Mortgage Choice chief executive officer Susan Mitchell said it was unsurprising rising costs of living ranked high.
“The reality is that the wealth effect from falling property prices is weighing heavily on consumer sentiment, as people feel like their biggest asset, their home, loses value,” Mitchell said.
Almost 50 per cent of female respondents were concerned they would not be able retire comfortably, compared to almost 43 per cent of male respondents.
“Even today, women take time off work to start a family, and to care for extended family members who fall ill, which means they spend on average less time overall in the workforce, and as a result retire with less superannuation,” Mitchell said.
“This is compounded by the gender pay gap, which is currently at 21.3 per cent among full-time employees according to the Workplace Gender Equality Agency.”
“These factors combined mean women can be left financially vulnerable after the breakdown of a marriage, or death of their partner if they have not taken an active role in managing their finances.”
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