'Even something as trivial as a flat tyre would be too much for many households right now.'
The comparison website's Consumer Sentiment Tracker found that 45 per cent of respondents - equivalent to 9.4 million people - had less than $1000 to fall back on.Millions of Australians have less than $1000 in savings. Unsurprisingly, 76 per cent of respondents said they were stressed by their current financial situation - but the survey also found a staggering difference between the haves and have-nots.
And once the 45 per cent with less than $1000 are left behind, the remaining 55 per cent average $65,078 - about two-thirds of the average Australian full-time salary of $98,217. "Cost of living pressure in Australia is at a record high, which is why so many Aussies having no savings buffer is a huge concern," he said."Millions are living pay to pay, with many running out of money long before they run out of month.""Those lower levels of savings means people are much more likely to have to turn to credit cards, loans, and buy-now-pay-later products to get by," he said.
He urged people to find ways to increase their income streams to get them closer to their savings goal.
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