The latest in Bankwest's on-going Social Indicator Series has revealed that the benefits of the economic recovery have yet to be felt by many Australians as the number of "financially unfit" people continues to increase.
The second annual Bankwest Financial Fitness Index has revealed that nearly one in three (28%) Australians were Financially Unfit, compared to 22% this time last year as the economy stalled and the Global Financial Crisis (GFC) deepened.
Once again, women bore the brunt of the bad news with more females "Financially Unfit" (32%) than men (25%). Generation Y also continued to struggle with their finances over the year with 34% "Financially Unfit".
"Despite the market rebound and signs we've shrugged off the worst of the GFC our research shows even more Australians are doing it tough and struggling to manage their finances," Bankwest spokesperson Adrian Bradley said.
"The latest Financial Fitness Index shows that an extra six per cent of Australians became "financially unfit" over the past twelve months.
Download a copy of the full report and a breakdown on each state below:
- Financial Fitness Report
- Financial Fitness National
- Financial Fitness NSW
- Financial Fitness VIC
- Financial Fitness QLD
- Financial Fitness WA
- Financial Fitness SA
