Australians Are Worried About Money
May 5, 2013
ANZ and Pacific Magazines released a comprehensive survey into Australians’ money confidence which found that even when things are going well, almost forty per cent of respondents ‘stress out’ about money, and women tend to worry more about money issues than men.
Australia’s Money Confidence 2013 asked almost 12,000 Australians how they think and feel about money. It also found sixty one per cent of people who are confident about their future financial security have put plans in place to help achieve major goals, while most of those who aren’t confident know they should have a plan, but keep putting it off.
Key findings include:
- Thirty nine per cent agree, “even when things are going well for me financially, thinking about money stresses me out”.
- Women tend to worry more than men, with fifty one per cent of female respondents saying they find dealing with money stressful and overwhelming, compared to thirty seven per cent of men.
- One third of respondents say worrying about finances causes sleepless nights (thirty three per cent) and thirty nine per cent feel anxious.
- Thirty seven per cent of respondents talk to their partner/spouse to alleviate financial stress and one in three exercises (thirty three per cent).
- While the vast majority say it’s important to have a long term financial plan (eighty four per cent), just one in five respondents say they currently use a financial planner or advisor (twenty one per cent).
- Eighty three per cent of those not confident about their future financial security either “procrastinate” or “try not to think about it” when it comes to putting a financial plan in place.
- Most respondents say they have some form of financial fear; with the most common financial fears being not having enough money to live comfortably in the future (forty eight per cent), and not being able to maintain their current lifestyle in the future (twenty eight per cent).
Editor and Publisher of Marie Claire magazine, Jackie Frank, said: “This latest research underscores how the financial confidence of everyday Australians remains a national issue – and it’s having a huge impact on our physical and emotional lives. Most of us aren’t afraid to discuss these fears with our friends and family – but more of us need to know how to take concrete steps to achieve our goals and, most importantly, look after our wellbeing.”
Do you think women worry about money more than men?
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