The latest Household Financial Comfort Report (HFCR) has just been released by ME and provides in-depth insights into the financial situation of Australians.
The survey of 1500 Australian households revealed that more and more households are overspending to cover necessary living expenses which are restricting their savings. On top of this, 45% of households reported to be contributing more than 30% of their disposable income towards their mortgage repayments – leading to high mortgage stress.
The winners from this report are self-employed workers with their financial comfort up 17% from the last HFCR in December 2017, and those living in South Australia where financial comfort rose 16% in the same period. Students were hit the hardest, declining 15% in financial comfort since the last report followed by young singles and couples under 30 years of age with no kids whose financial comfort decreased by 11%.
You can read the full findings from the Household Financial Comfort Report here.