The report, Financial Wellbeing: a survey of adults in Australia/New Zealand, found 23 per cent of Australians were classed as below average in their financial behaviour score, grouped as ‘Getting By’ (see table below).
"Detailed knowledge and experience of financial products or services has only limited direct influence on financial wellbeing.”
Thirteen per cent described their current financial situation as ‘bad’ and were classed as ‘Struggling’.
The figures were very similar in New Zealand, which came in at 24 per cent ‘Getting By’ and 13 per cent ‘Struggling’.
Overall the report found just under half of Australians felt on top of their money, with just one in four possessing more than six months in income.
The report is the sixth and latest study from ANZ which provides unique insight into specific behaviours and mindsets which affect and are affected by financial wellbeing. Below are four key takeaways.