Financial Resilience in Australia

(Released: September & December 2017)

Financial Resilience in Australia is an annual report produced by the Centre for Social Impact, in partnership with NAB.

In 2017, this was released as three separate reports:

  1. Why is financial stress on the rise? (September 2017)
  2. Financial resilience and access to financial products and services (December 2017)
  3. Financial resilience and employment (December 2017)

Financial resilience is being able to bounce back from a financial shock. There are a number of things that help people's financial resilience including income, savings, a willingness to seek financial advice, connections with family and friends, support from community and government organisations and access to appropriate banking products like credit and insurance.

One in eight adults in Australia (12.6 per cent) experienced severe or high financial stress during the past year, up from 11.1 per cent. This means that they are less able to bounce back when things go wrong, such as a higher than expected utility bill or a broken washing machine.

More than half (56.3 per cent) felt some level of financial stress compared with 53.2 per cent a year earlier. This group had more resources to draw on than those in severe or high financial stress. However, they could still be exposed by major financial shocks like losing a job, having a baby or a relationship breakdown.

Less than one in three (31.2 per cent) were financially secure, down significantly from 35.7 per cent in 2015.

Now in its second year, the report reveals just how financially vulnerable many Australians are when they experience a bump in the road and need a helping hand.

Downloads

  1. Why is financial stress on the rise? (1MB)
  2. Financial resilience and access to financial products and services (1.4MB)
  3. Financial resilience and employment (1MB)

Read the media release for part one here.

Read the media release for parts two and three here.

Updated 13/12/17 

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Financial Resilience in Australia 2015

(Released: August 2016)

If you are experiencing feelings of distress, please scroll down for contact details of people who can help.

 

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Financial counselling contact for feelings of distress

Organisation

National Debt Helpline

Telephone

1800 007 007

Web site

www.ndh.org.au

Financial counsellors: providing information, support and advocacy to people in financial difficultyThis link explains how a financial counsellor can help.

 

General contacts for feelings of distress

Organisation

Beyond Blue

Telephone

1300 22 4636

Web site

http://www.beyondblue.org.au/

 

Organisation

Lifeline

Telephone

13 11 14

Web site

https://www.lifeline.org.au/

 

 

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