The Salvation Army is urging people to look into their finances, as 46 per cent of Aussies were significantly impacted by financial pressures in 2023- that’s 9.6 million Australians.
Research by the Salvos has found one in three were impacted by rising interest rates and 32% were similarly affected by increased rent or mortgage costs.
Australians are also now facing the burden of paying off their Christmas expenses. The research, which surveyed the Australian public, also found that 31% of people used a credit card (up from 18% the previous year) and 15% relied on buy-now, pay-later options (up from 7.6%) to pay for Christmas.
This comes on the back of more than 12.8 million Australians (62%) reporting they were more stressed about their finances last year compared to 52% at the same time the year before.
Worryingly, one in five Australians did not seek medical help when needed and 17.5% cut back on insurance cover last year, highlighting the potentially dire impact of the cost of living on Australians and the need to prioritise financial wellbeing this year.
Through Moneycare, The Salvation Army offers a free and confidential financial counselling service, which supports thousands of Australians each year to assess and get on top of their financial situation.
In 2023, Moneycare notably saw a 13% increase in the number of people they assisted compared to the year before.
The Salvation Army’s Moneycare financial counselling team member, Kristen Hartnett, said The Salvation Army is dedicated to helping people get back on their feet.
“We believe that small steps now can make a huge difference in the future, setting up you and your loved ones for financial stability and security,” she said.
“Sometimes, taking a few small active steps in the right direction can change the course of your financial situation for years to come.
“We also want people to know that you are not alone. It’s a new year, so let’s embrace hope and view it as a chance to start afresh, to rebuild and overcome these hardships together. If you want to have a chat to one of our financial counsellors about your finances, please reach out. You don’t need to be in a crisis situation to receive support and advice from the Salvos.”
If you or someone you know is in need of financial assistance, or to find out more information about Moneycare service, visit salvationarmy.org.au/need-help/financial-assistance/moneycare-financial-resources/
