Australians struggle with financial management
Just under a third of Australians (31 per cent) confess to poor financial management, such as using cash advances on credit cards, not knowing how to budget, not paying attention to debt and racking up late fees, according to research from Tribeca Financial.
They had also found 11.1 million Australians agree there are distinct contributors to their credit card situations with 44 per cent having created debt with indiscriminate, everyday purchases; while 54 per cent identified holiday spending, education costs and updating homewares and furniture, and other “big ticket” purchases.
Ryan Watson, Tribeca Financial’s chief executive officer (CEO), said he was disillusioned about people getting into debt and the community’s self-admittance it was drowning in debt.
“It is alarming for people to get into credit debt over insignificant purchases like takeaway food and Uber Eats,” Watson said.
“The debt mounts up, leading to Aussies managing debt with high-interest rates. It is concerning, and it’s causing financial stress for two in five Australians.”
Watson had recommended people join The Great Aussie Credit Crush, which aimed to attract 100,000 people to destroy their credit cards and pay off debt by 31 December 2019.
“I am calling all Australians to join me in the ‘Great Aussie Credit Crush’. Destroy your credit card, crush your credit, and start living debt free,” Watson said.
AUTHOR
Chris Dastoor
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
