Thirty-five per cent of Australians are embarrassed by their financial habits, a whitepaper has revealed. Australians’ attitudes to their financial behaviour shows us just how little in control many people feel about their finances, particularly debt and overall money habits.
Key findings of the study include:
Thirty-four per cent of respondents say they feel embarrassed by their personal debt
A third hide the fact that they are in debt
One-fifth say they only pay the minimum on their credit cards every month
Eleven per cent said they have not paid off their credit card in full for the past three months or more
Almost a third of those surveyed spend more than they earn
Nineteen per cent say they are ‘living secret financial lives’
Eighteen per cent save nothing from their pay packet
Twenty-six per cent set financial goals
Twenty per cent document these goals
Mortgage Choice and CoreData’s Financial Fitness Whitepaper is published annually.