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A third of Aussies in financial hardship

Australian money notes. Australians lining up. Financial hardship concept.
More than a third of Aussies are experiencing financial hardship, as the cost of living skyrockets and interest rates rise. (Source: Getty)

More than a third of Aussies have experienced financial hardship in the past three months, new research has found, with younger Aussies struggling the most.

A NAB survey of 2,050 Australians found 36 per cent of Aussies had been struggling financially, including being unable to pay a bill, cover rent on time, meet their minimum credit card payments or pay their mortgage.

Almost half (45 per cent) of 18-29-year-olds experienced financial difficulties, with the problem worsening since the previous quarter (41 per cent). Two in five (40 per cent) 30-49-year-olds were also under pressure.

There were fewer older Australians struggling, with 23 per cent of over-65s reporting financial hardship, and 35 per cent of people aged 50-64.

People on the lowest incomes (about $35,000 annually) were struggling the most (48 per cent), but people on the highest incomes ($100,000 annually) were also feeling the pinch (26 per cent).

NAB personal banking executive Mark Baylis said many of the bank’s customers were in a good financial position but there were pockets of concern, particularly with interest rates rising.

“While 70 per cent of home loan customers are ahead on their repayments, I encourage anyone concerned to speak to their bank early,” Baylis said.

Your bank may be able to offer solutions like a reduced-payment arrangement, a payment break or restructuring your loan, Baylis said.

Aussies saving less

One in five Aussies (21 per cent) also said their savings dropped over the past quarter, with 42 per cent of low-income earners reporting a dip in their savings.

All age groups had found it hard to save, ranging from 12 per cent of 18-29-year-olds to 29 per cent of 50-64-year-olds.

NAB defines financial hardship as including people who don’t have enough savings for an emergency, which is generally $2,000.

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