Financial stress Financial Review

So according to a survey published in the AFR nearly a third of Aussies are financially stressed, a level below just making ends meet. Yet there is so much money flying around on crypto, houses and the share market. A third…..that’s a lot of worried peeps.

Comments

  • +4 votes

    Yet there is so much money flying around on crypto, houses and the share market.

    That’s a reason.

    They also struggle financially and yet, drive a high yield vehicle…

  • +1 vote

    Ever heard of a thing called inequality?

  •  

    Sounds about normal - the poor will always be with you

  •  

    I know people who have gone from average paying jobs to ones that pay well above average, yet they still struggle financialy.

    • +5 votes

      Some people just spend what they earn, regardless of the number
      .

    •  

      Lifestyle and expectations change as income rises. That's just the sad reality for some people.

  •  

    Low cash flow now and rich in assets is how people break the cycle.

  •  

    1/3 of Aussies financially stressed…Is that because Centrelink reduced the JobSeeker?
    In this day and age, with minimum wage so high, if you have full time work you should be able to live quite comfortably.

  •  

    AFR costs $600PA subscription.. if the survey was only open to subscribers I would take the results with a grain of salt IMO

    •  

      Digital subscription is half that price

    •  

      It's free if one knows a bit of coding.

      https://nimb.ws/NZtY7c

      https://nimb.ws/WLu1qH

      “I think there’s a close relationship to mental distress and financial stress so if the economy could improve … that will help a lot.”

      As Prime Minister Scott Morrison admitted the full coronavirus vaccine rollout would miss the government’s October deadline, the survey showed about one in three people remained sceptical of the vaccine or would refuse to get it.

      blah blah…………..

      •  

        Teach me the coding stuff. Please.

        • +1 vote

          Turn off javascript

          •  

            @Autonomic: Thanks…googling how to do that….not embarrassed to admit

  • +3 votes

    Having worked in analytics and with survey data, it can be manipulated in so many ways to make a headline or tell the story you intend it to

    How was the sample selected/is it representative?
    What was the response rate/margin of error?
    How have they defined each category? Or left it to each individual to assign their category?
    Etc etc etc goes on and on

    • +4 votes

      All statistics are made up. 13% of people know that

      • +1 vote

        60% of the time, it works every time.

    • +3 votes

      according to a survey of women, 100% find me sexy.

      sample size 1, I asked my wife while she was drunk

  • +2 votes

    i think we all know how to fix this problem!

    just stop being poor

    or get a high paid job

    • +2 votes

      We found Joe Hockey's account!

  • +14 votes

    The more you earn, the more financially stressed you get.

    The more you have, the more you have to lose.

    The more you earn, the more you burn.

    The more you read this reply, the more you realise you should be doing something more productive.

  •  

    Would definitely depend on your timeline, expectations and what those around you are facing (especially when it comes to the media coverage).

    I would imagine a lot of full-time workers earlyish into their career would be "stressed" by the prospect of owning a house in Australia, being able to afford children, child care and schooling as well as any rolled over excess spending from their younger days.

    Those in university or trades may be stressed about their rent, first vehicle, first exposure to insurance/rego etc whilst also being at the age where splurging on nights out and on materialistic stuff is social status.

    Overarching though…I would imagine the biggest stressor would be for anyone who's considered buying a house in the main cities. Definitely a daunting situation at the moment.

  •  

    1/3 isn't so bad when you consider global the 1% have 50% of the assets. In Australia I'd expect the top 1% would probably have 1/3 then the other 15% would have close to half.

    Comes down to if you eat Domino's with a voucher code or $25 gourmet every time.

    •  

      If you choose to eat Dominos pizza You are either poor or you have no taste buds.

      •  

        Or just taste bud poor. Depends on whether you have a chance of becoming a millionaire driving a Corolla or you'd like to live hand to mouth driving a Tesla Model 3. Both performs the same functions.

        •  

          But you don't have to deal with the dealers to get a tesla. As far as I know, only tesla does it. Some people rather pay more than getting ripped off by the dealers.

      •  

        Or you eat it with ketchup and it will taste just fine :)

        •  

          Don't think there is anything wrong with Domino's but eating your pride is a bit hard to swallow.

  •  

    There will always be people that struggle financially.

    There will always be a top, middle and bottom tier, quartile, quintile, decile.

    Its just the way humans are, some are good with money and some aren't.

    Even if today you took the total wealth of Australia and redistributed evenly, after a few years you will see disparity again.

    There will be people who use the money to learn skills, invest and grow money, then there are others who will blow it on Winnie Blues, Jack Daniels, Hookers and Cocaine.

    •  

      ..and others that will completely waste it.

    •  

      Ahhhhh the good old winnie blues… I quite like 5 years ago, but you just triggered my subconscious memory.

  •  

    I think that there is probably a disproportion of money anyway, so it seems like there is a lot of people with money when it may be less people but with more money.

    Also, I know that most of my friends/family bought housing to live in, but with mortgages that are only just barely covered by their incomes, such that if there is any sort of significant interest rate rise, or they lose income they will be in a really difficult position.

    I'm not even remotely surprised by the figure either. I would have actually thought that a third is too low, in terms of ongoing financial stress.

  •  

    Did you have a question or discussion point? I expected a poll at least!