Overview: This Wesley report sheds new light on the impact financial stress is having on individuals and families in New South Wales. While Australia has benefited from a strong economy since the Global Financial Crisis (GFC), it seems the afterglow of the resources boom has worn off. Consumer confidence is at its lowest ebb in 10 years, and Australians remain concerned about job prospects, their own day-to-day personal finances, and our national economic outlook.
This report has found that an alarming 44 per cent of households in New South Wales are suffering financial stress and 38 per cent are spending more than they earn. Furthermore, financial hardship and financial anxiety are impacting upon the health, safety and wellbeing of individuals and their families.
Since 2010 there has been a seven per cent increase in the number of New South Wales households who are experiencing financial stress. During that time disposable income has decreased and more households are spending more than they earn. When there are no savings to fall back on if an illness or misadventure hits, hardship usually follows.