A new survey has revealed that over half of the nation say they find it difficult to manage their money, do not know how to budget well, and do not live within their means.
The Galaxy Research poll conducted on behalf of Fox Symes found that 52 per cent of Australians say that they are not confident with managing their money.
In particular, 42 per cent overall (44 per cent of women and 41 per cent of men) say they attempt to stick to a budget but are not always successful.
Looking at a breakdown of the generations, 42 per cent of Baby Boomers, 53 per cent of Gen X and 64 per cent of Gen Y said they had trouble managing their money and sticking to a budget.
Fox Symes executive director Deborah Southon emphasised that one of the primary reasons people fall into debt is because they spend more than they earn.
“The only way to effectively manage money is to create a budget and stick to it,” she said. “Of course, this requires discipline, but the benefits are significant. We all have financial aspirations and goals and these can be achieved through budgeting.”
State by state, Queenslanders cited the most struggling with money management. Fifty-one per cent said that they attempt to stick to a budget but are not always successful.
This was followed by Victoria/Tasmania at 44 per cent, South Australia and West Australia both 40 per cent and NSW at 36 per cent.
Additionally, only 33 per cent of Queensland residents who are in a relationship say they are good savers compared to 48 per cent of those in West Australia, followed by South Australia at 43 per cent, Victoria/Tasmania at 42 per cent and NSW at 40 per cent.