Show me the money

Are we in control or living from week to week?

Personal finances top the list of what keeps us awake at night, followed by home affordability and having enough money for retirement. 25% of us are ‘very’ or ‘extremely’ concerned about the effect of the economy on us personally over the next 12 months. Generation Y are the most concerned about personal finances and home affordability, while, not unexpectedly, Baby Boomers are the ones worrying about retirement. Nearly half of us report that we live from week to week, with Generation X most likely to find themselves in this situation (57%).

When it comes to spending, 56% of Australians expect to have less spending money this year and 57% say that higher interest rates will mean they have less to spend on themselves. The internet is clearly playing a significant role in shopping behaviour, but 62% of Australians say they’ll research products online but still prefer to buy from shops. Online shopping is as much fun as shopping in person for 40% of us; however, only 19% admit to shopping for fun rather than for necessities.