Newspaper article The Northern Star (Lismore, Australia)

Financial Stress Worries Families

Newspaper article The Northern Star (Lismore, Australia)

Financial Stress Worries Families

Article excerpt

Byline: Alison Paterson alison.paterson@northernstar.com.au

PEOPLE who smoke, drink and run a car are experiencing tougher times now and have more coming.

This is the pronouncement of the author of ME's latest Household Financial Comfort Report, which revealed families are increasingly worried about the risings costs of food and power bills, while wages remain stagnant and full-time work harder than ever to find.

ME Consulting economist and report co-author, Jeff Oughton, said the report showed some people are really struggling and downgrading their expectations.

"If you smoke, drink, put fuel into your car drop your kid off at childcare on your way to work you have hit the stress trifecta," he said.

Dr Oughton said frugality may be the new black, but the rising cost of necessities is the biggest worry for 44% of Australian households, exacerbated by low wage growth and expectations for mortgage rate rises.

The report revealed households are feeling the pinch due to the rising cost of necessities such as groceries, fuel and power bills while low wage growth and future rate rises are causing financial stress. …

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