Colonial First State (CFS) has released new findings underscoring the financial strain Australians are facing due to prolonged elevated living costs.
A survey involving 2,250 respondents highlighted that many individuals are having to forsake long-term financial aspirations to address immediate financial pressures.
A significant portion, 20% of Australians, are eager to break free from the persistent struggle of living from paycheque to paycheque, while a concerning 42% indicated they could not sustain more than three months financially if unemployed or unable to work.
The ongoing cost-of-living crisis has notably intensified concerns, with over half of those surveyed expressing greater anxiety compared to the previous year. In response to these challenges, CFS's superannuation chief executive, Kelly Power, has advocated for financial advice as a critically beneficial resource for Australians navigating these tough times. Power emphasized that those with access to professional financial guidance experience markedly improved financial sentiments compared to those without.
A substantial 82% of Australians agree that financial advice should be universally accessible. Recognizing the intertwined nature of financial and mental health, the research revealed that financial struggles have impacted the mental well-being of one in five men and a third of women. Power stressed the urgency of integrating these findings into national discussions to ensure financial guidance reaches those in dire need. Enhancing systems that enable financial advisers to serve more clients has become increasingly vital.
The data also demonstrated the transformative effect of financial advice. Individuals without access to professional guidance were twice as likely to report negative mental health impacts due to their financial circumstances. Furthermore, a lack of access to advice correlated with negative impacts on personal relationships, lifestyle decisions, and living arrangements.
Nonetheless, the accessibility of affordable financial advice remains a formidable challenge for many Australians unable to meet the associated costs. Addressing this gap is critical as the demand for financial support continues to rise.
Published:Wednesday, 28th May 2025 Source: Paige Estritori
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Adjustable-Rate Mortgage (ARM): A type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.
