Graham Cooke (pictured centre right), head of consumer research at Finder, said given the sharp and rapid rise in mortgage repayments, millions of Aussies are under significant financial stress.
“A whopping 40% of homeowners say they are struggling to pay their home loan in September, according to Finder’s Consumer Sentiment Tracker,” Cooke said.
Households saved just 0.9% of their income over the past year, according to data from The Australian Bureau of Statistics (ABS) – the lowest rate of annual saving since 2006-07.
The average Australian has $39,407 in cash savings in September, according to Finder’s Consumer Sentiment Tracker.