Powered by MOMENTUM MEDIA
subscribe to our newsletter
1.7 million Australians facing debt for life

1.7 million Australians facing debt for life

Over half of all Australian adults are living in debt, with almost 2 million of those seeing no light at the end of the debt tunnel, according to a new survey by finder.com.au.

The survey revealed that 53 per cent (an estimated 9.0 million) of adults are currently in debt, with 10 per cent (an estimated 1.7 million) believing that they will never live debt free.

The survey also showed that the average age when Australians start accumulating debt is 27, and that 19 per cent (3.2 million) saw themselves paying off their debt within the next five years, while 17 per cent (2.9 million) saw themselves sorting out their debt within the next 6 to 20 years.

Advertisement
Advertisement

Finder.com.au spokesperson Michelle Hutchison said Australia has a serious debt issue, and many Australians are too complacent about it.

“We’re now growing up with so much debt and accumulating debt from a young age with the use of tech gadget plans like mobile phones, laptops, iPads and other devices.

“Australians need to be more conscious about the amount of debt they are getting themselves and their families into and work out how they will pay it back before they reach retirement,” she said.

1.7 million Australians facing debt for life
mortgagebusiness

 

Latest News

The managing director and CEO of the financial services group has stepped down from his post, effectively immediately. ...

Financial regulators worldwide are increasingly focusing on climate change risks and disclosure reporting in finance, with the trend expecte...

Non-banks have hit back at “unfounded” claims from the CEO of an industry association, who has suggested that under APRA’s proposed ch...

FROM THE WEB
podcast

LATEST PODCAST: Economists predict a bottom to the property market slump

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.