A third of Australians feel embarrassed by their finances

PHOTO: Finances

EXPERT OBSERVATION

A significant number of Australians are embarrassed by their financial situation.

The Mortgage Choice and CoreData’s Financial Fitness whitepaper explores Australians’ attitudes and behaviours towards their finances.

Our research has found that when it comes to their finances, many Australians say they are embarrassed, which may stem in part from their personal debt and overall money habits.

According to the whitepaper research, 34% of respondents say they feel embarrassed by their financial habits. Furthermore, it revealed that 42% of Australians feel embarrassed by their personal debt, and one third hide the fact that they are in debt.

The research gave some insight into how Australians are using their credit cards, with a fifth of respondents saying they pay only the minimum amount on their credit card each month and 11% said they have not paid off their credit card in full for the last three months or more.