Australians under increasing financial stress

One in four Australians, 25.1 per cent, are finding it difficult to get by on their current income, new analysis from The Australian National University (ANU) shows. This is the highest percentage of financial stress among Australians during the COVID-19 pandemic and almost as high as pre-pandemic levels. The level of financial stress is highest in Australia's lowest income bracket, with more than one in two people in this group saying they are struggling to get by on their current income. In comparison, only five per cent of people in Australia's highest income bracket say they are struggling financially. The findings, from a survey of almost 3,500 adults, also show that while Australians are working more hours on average than pre-pandemic levels, their real incomes have decreased. Study co-author Professor Nicholas Biddle said the findings paint a picture of "the major challenge" the Federal Government faces as it looks to implement its so-called wellbeing budget. "We've been monitoring the massive financial impact and stress COVID has had on Australians since February 2020," Professor Biddle said.