PHOTO: A survey of 1500 households revealed people are dipping into their savings to make ends meet. Photo: Louise Kennerley
More Australians are dipping into their savings to make ends meet as living expenses increase, wages stagnate and mortgage and rental stress remain high, a new survey has found.
ME Bank’s bi-annual Household Financial Comfort Measures report surveys 1500 households to gauge how they feel about their financial situation, including cost of living and household debt.
The report, released on Monday, painted a grim picture with a quarter of Australian households reporting they had less than $1000 saved in the bank.
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