More than one third of Australians would not survive on their savings longer than one month if they were to loose their job a recent survey by debt collection agency Dun and Bradstreet has shown.
The survey examined plans for saving, credit use, spending and debt in the coming three months. Many Australians are unprepared for financial hardships associated with being made redundant or sacked.
Four in ten people said that their saving would only last them 30 days whilst being unemployed, while 38% said they would have to use credit cards to cover household expenses such as bills and groceries.
Struggle with Unemployment
The main demographic of Aussies who would mostly struggle are those aged between 18 and 49 years, earning $30,000 to $60,000 a year. This is quite a large demographic of people who are first home buyers. They are just managing on their mortgage repayments in these unusually low interest rate times, but if they were to unforeseeably loose their jobs, they would find themselves behind in their repayments and struggling to pay their debts – bills and living expenses.
This would likely see the amount of debt this age group is in rapidly increase and they may end up defaulting on their loans or worse, facing potential bankruptcy.
To prevent the stress of an uncertain future, get a hold of your financial situation now, while you’re employed and able to save. If you are already finding yourself drowning in repayments and debt we may have a debt consolidation option tailored to your situation.
If you have debts of $10,000 or more, don’t wait another minute. Pick up the phone and call us today on 1300 138 188 and receive a free debt assessment with one of our debt consolidation consultants.