March 3, 2023
NAB Consumer Insights Survey: Financial Hardship – Q4 2022
Who is struggling and what are the key drivers?
- 4 in 10 Australians experienced some form of financial hardship in Q4, the highest level in nearly 3 years.
- 1 in 3 identify money as a significant cause of stress in their lives and almost 1 in 4 believe they are struggling to make ends meet.
- Financial hardship continues to be more prevalent in rural & regional areas and among young people and low-income earners.
- The most common form of hardship is not having enough money for an emergency, followed by not having enough for food & basic necessities and being unable to pay a bill.
- Despite rising interest rates, being unable to meet mortgage repayments caused the least hardship.
For further details, please see the NAB Consumer Insight Survey – Financial Hardship (Q4 2022)