According to a recent survey, Australians have a financial well-being score of 59 out of 100.*
The survey ranked scores from struggling to no worries, with the following results.
no worries (>80 to 100 score), 24% of Australians;
doing ok (>50 to 80 score), 40% of Australians;
getting by (>30 to 50 score), 23% of Australians; and
struggling (0 to 30 score), 13% of Australians.
As a way of comparison, those in the no worries category are “well-positioned socio-economically, and their financial outlook is positive; they can sustainably cover expenses, and they are well placed for retirement”. Whereas, those in the struggling category are “struggling to meet day-to-day financial commitments, aren’t feeling comfortable with their financial situation and have little financial resilience”.
In this animation, we describe and discuss the influencing factors of financial well-being.
Click here to see the short and informative animation.