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Australians ill-equipped for rising unemployment, unexpected costs

by Staff Reporter7 minute read
The Adviser

As the threat of unemployment intensifies a Bankwest survey has found almost one in three Australians have no savings buffer, and one in two would struggle to cope with redundancy.

According to Bankwest’s survey of 1,144 Australians released today, 38 per cent don’t save a cent on a monthly basis. In addition, only one in four save more than 10 per cent of their income every month.

Of the survey’s respondents 27 per cent said they had no savings safety buffer whatsoever yet 52 per cent said they would struggle financially if they were made redundant.

A majority would also struggle if faced with major household repairs (62 per cent) or care for an elderly relative (62 per cent).

“Not only would most people be in dire trouble if they lost their jobs but our report found that half of Australians would struggle with simple things like a rise in household bills or major repairs to their car,” commented Bankwest retail CEO Ian Corfield.

 

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