Well, you’re not alone. While soaring property prices continue to grab the headlines, the reality, according to the Australian Bureau of Statistics (ABS), is that household debt has increased two times faster than property prices over the past 25 years. This is causing many families to experience financial hardship and anxiety.
And the story doesn’t get any easier for those entering retirement. Long gone are the days when retirement meant living out your days in a house that was fully paid off. Now it’s quite possible that you will be renting or still be paying a mortgage (at the time of the 2011 Census, it was recorded that 15 per cent of those over 65 were renting and 10 per cent were paying a mortgage).
When looking at the amount of debt, it’s not just a few hundred dollars here and there. According to ING, thousands of Australians aged between 65 and 80 owed an average of $158,500 on their mortgage.
Whether you’re struggling with your rent, mortgage, or just finding it difficult to manage your money day-to-day Financialfirstaid.org.au provides easy access to information and counselling that can help you get back on the path of lifelong, stable financial control.
The website and app was developed by FMC Mediation and Counselling with funding provided by the Commonwealth Government. It provides 24-hour online support with easy access to information to enable people to take control of their finances.
Financialfirstaid.org.au is split into three categories:
- I need help right now – offering guidance and support for the top 10 financial issues
- I need to understand – covering concerns about loans, debt, legal threats unemployment and financial issues relating to family and relationships
- I want to know more – providing easy to read fact sheets and real stories from others who have recovered from financial stress.
From the site you can access factsheets, request assistance and read other people’s stories, which will help you to realise that you’re not alone.
Find out more at Financialfirstaid.org.au
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Do your debts die with you
Clearing debt on a limited income
