According to this survey:
https://www.wemoney.com.au/financial-wellness-survey
Maybe I'm just in privileged position but l I find this very hard to believe. Is it really that bad out there where people are not able to save much?
48.4% of Australians Live Paycheck to Paycheck
mrvaluepack on 11/01/2024 - 11:01
Comments
Yeh im broke I need like another 10k per year (after tax)
Unbelievable. Good luck with retirement.
Living paycheque to paycheque is not always same as living below the poverty line. A family of 4 may be earning $250K pa but if they are not saving any money after all the essentials and social spending, they are technically living paycheque to paycheque.
Wages are terrible everywhere, just be glad you don't work for NSW government in customer facing roles, pay is garbage and zero benefits.
The cost of housing yourself whether renting or paying a mortgage I’m sure is a big factor in having to live pay cheque to pay cheque.
50% of Australians have an IQ below 100.
I think that’s a far more worrying stat.95% of Australian's IQ (assuming a standard deviation of 15 and a normal curve) lie between an IQ of 70 and 130.
…. which would mean only 2.5% of the population have an IQ under 70.
Doesn't seem too bad.
Are you making a joke or do you not understand how IQ works?
Why do you care?
Want to know how fragile the australian economy is and where my investments should be.
Surely it can't be that high.
I save 80-90% of my pay check.No rent, live iny dad's IP.
Bought my car outright, although currently driving my sister's car.
My mum has a veggie garden.
My brother gifted me his old phone, plus I can fit in his clothes.
My cat I let out a night. He takes care of himself.I spend a bit on utilities, but got housemates that cover that. My phone plan costs $10 a.month.
Overseas holidays are expensive though.Not sure why the average Australian complains so.much. buckle up ya boot straps and work hard.
why didn't you say so, if everyone can just stop complaining and live rent free in their dad's IP we'd be one step closer to world peace
Pretty sure he was making a poor attempt at sarcasm because no one with a normal IQ lacks the self awareness to post that seriously.
I was wondering about that.. really need a sarcasm font on ze internet. there's also an abundance of the latter..
Haha, I thought it would had been a bit more obvious. With the mother, sister, brother, cat thing. Guess not.
Those durries dont come cheap
What I've noticed is, generally speaking, the nicer the home (including contents) the higher the financial stress. These people tend to have the latest gadgets, the latest car (that they don't own), heavy mortgages etc.
People with average looking homes (and contents) appear to do much better financially. They save well, have capacity to invest, and appear less stressed about money.
How do you know this? Or just an assumption?
From talking to many people!
Alot of people rorting centerlink, wish i could…
You always can!
register a nest of companies in Ireland.
Blame others for using too much toilet paper.
So sad, even with Labor in power people are doing it really tough.
You’d expect the coalition to fund the rich but Labor is supposed to look after poorer people like us.
And please no excuses for Albo, and no more oh but under the liberals it’d be worse - I voted Labor to not engage in a race to the bottom pits of poverty.
Maybe Greens will do better
The greens , more like the bleeding hearts party .
If they ever got into government on their own they would make the New Zealand economy look good .You only have an economy when you have control of the borders .
Easier to blame others instead of looking at yourself.
jv on 11/01/2024 - 10:45. -83
Thank Albo for that…I think jv is right
see if I can get more than 83 neggers?I had a dream: Little Albo and Hunter eating caviar in a Qantas lounge drafting plans to F the world…
Upvote, because you are clearly crying out for attention.
As silly as it sounds a lot of folks struggle with differentiating a few terms they given you in the first few days of high school economics. That being the difference between a 'Need' and a 'Want'.
We're a low income household, but always do ok as we know going without isn't the end of the world - but others we know will often explain how they're struggling but when they say how this is manifesting itself it's always to do with 'wants' they cannot afford e.g haven't gone on OS holiday in yrs, driving 5+yr old car, using iPhone thats several generations old, only eating out once a week.
Some folks are doing legit tough - I sympathise with them sincerely - but many others are wanting to be lumped in but its apples with oranges.
I'm on 150k a year and I'm living pay cheque to pay cheque.
Combination of FOMO / stupid purchases / living outside my means.
I believe it. I lived paycheck to paycheck for 10 years before I was married. We lived paycheck to paycheck for 15 years after we were married. Currently. we are still living paycheck for paycheck with 2 kids to support.
I can understand with kids, but when you were DINK was it lifestyle creep? holidays or cars? not having a go at you just trying to understand people's spending habits
It's just lifestyle and enjoying life…good or bad. I am a carefree person and I just live life my way without being told "you must do this and you must do that!"
I was lucky enough to have a wife that lets me have things my way. Now most things go towards the kids. I could have been rich had I saved up but I don't regret that I didn't.
Fair enough, everyone chooses how they want to live
obviously they are not ozbargainers
hides video game collectioon
This is the Australian way. Buy a house that you can't afford (or several houses that you can't afford) and live poorly for the next 20-30 years.
Pretty much everyone (banks, the government, the media, friends and family) is encouraging people to do this.
very true, we have warehouse staff on $33.00 per hour (Perth), and if the pay doesn't arrive by the afternoon on payday, they start calling and texting.
I have a co worker who wants to join our workplace gym (only $8/wk) and I said said “yeah sweet let’s go this Wednesday” and they replied back “oh well maybe if my pay comes in earlier than usual.”
Like bro how do you not have $8? 😭 💀
That explains all those people that seem to live in luxury on instagram.
Well if you have a significant loan outstanding mortgage then you are living pay check to pay check. I won't be long before the sheriff comes knocking if you can't keep up with your payments
Well either you do or you don't so i guess statistically speaking, its pretty much spot on.
ozbargain is part of the problem.
These type of surveys include people who have investments or giant mortgages
They're living pay check to pay check due to their own decision process
Im aware of one colleague with 10k a month interest, he bought just after interests were going up, so knew what he was getting into
He sees the property as an investment, from expected growth. Near Sydney CBD decent land size, I agree
I remember a former colleague, I estimate his earnings were close to 200k, I believe he had two investment properties
You know he had for lunch everyday, homemade Jam/Peanut butter sandwiches. He was living pay check to pay check
EDIT:
29.9% believe that Crypto will replace traditional finance.
LOL, what group did they survey, Uni tech students?
Can't say I am too shocked. Even once included me. Ironically, once I became frugal, I became super frugal. It's like learning (through what not to do) then coming out the other side better off with finances.
I'm more surprised when I come across people not living paycheck to paycheck, I know one person who doesn't check their bank account weekly worrying about if they have enough to cover everything.
I think it's far more common than this site even says.