Australians Facing the Most Severe Financial Difficulties Uncovered

03
Jun
Millions of Australians are struggling with debt amid the cost-of-living crisis but refuse to ask for help from their bank or lender, a new report says.
ASIC’s Moneysmart research says 47 percent of Australians with debt – the equivalent of 5.8 million people – have struggled to make repayments in the past 12 months.
Reduced income, unexpected expenses, and cost of living pressures were the chief reasons cited.
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Millions of Australians are struggling financially, but refuse to look for help.
Millennials and parents of young children were among the worst hit.
More than half (54 percent) of millennials say they are likely to experience financial hardship in the next 12 months, compared to 39 percent of Generation X respondents, and 31 percent of baby boomers.
And 56 percent of parents with children under 18 say they’ve been put through the financial wringer in the past year.

 

However, just one in five said they had sought financial assistance, with more than half (55 percent) of those surveyed saying they didn’t even know they were able to.
Thirty percent of respondents said they wouldn’t seek help on principle, fearing it would cost them more in the long run, or that their lender would do little to help. Many would either sell their possessions (42 percent) or get a second job (40 percent) to make ends meet.
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The researchers found there were both practical and emotional barriers to seeking help.
Thirty-seven percent of respondents weren’t aware of available assistance, a third (33 percent) didn’t know where to start looking, and 31 percent said they didn’t know who to trust.

Emotionally, stress and anxiety (51 percent), shame and embarrassment (40 percent), and feelings of failure (40 percent) also nudged people away from seeking help. Moneysmart is launching a new campaign, “Just Ask! Hardship Help is available” in response.

“It is concerning that people would rather sell their personal belongings or get a second job rather than seek financial hardship assistance,” ASIC commissioner Alan Kirkland said.
“Customers in hardship are entitled under the law to request assistance. These findings should be top of mind for lenders when supporting Australians in financial hardship.” Kirkland said lenders, including banks, had a responsibility to offer financial support to people struggling with debt. “If you aren’t happy with your bank or lender’s response, make a complaint and, if that doesn’t resolve the issue, contact the Australian Financial Complaints Authority,” he said.

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