Growth, inflation and labour market all easing
Who is struggling, what are the key drivers and what types of debt are being used?
Overall, Australians are coping quite well “making ends meet”, but 1 in 5 say they are really struggling. 1 in 2 low income earners faced some form of financial hardship in Q2. The most common forms of hardship include not having enough for an emergency, for food or basic necessities and being unable to pay a bill (particularly utility bills). Borrowings from family & friends and credit cards were the most common debt options for those in hardship. Over 1 in 10 turned to a payday lender.
For further details, please see the NAB Consumer Insight Survey – Financial Hardship (August 2022)
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