Australians bleak about economic outlook
According to new research we released today, more than half of our country believes the great Australian dream of owning a home is over.
Additionally, one in three mortgage holders surveyed say they are likely to struggle to meet their mortgage repayments if interest rates rise this year.
“More and more people from all walks of life are reaching out to The Salvation Army for help. The cost of living is no longer just an issue for those experiencing extreme poverty or homelessness.” – Salvo Paul Moulds speaking about the research we’ve released today 👇 👇 👇 pic.twitter.com/F8t2n67RiF— Salvos Australia (@salvos) February 28, 2018
Reaching out for help
We are seeing the effects of this instability at our frontline services. Major Paul Moulds runs the Salvos Centre in Auburn and says that more and more people from all walks of life are reaching out for help.
“The cost of living is no longer just an issue for those experiencing extreme poverty or homelessness. The cross section of people seeking help is growing and the situation for many of them is bleak.”
“We need to remove the stigma around asking for help,” he says. “We are urging people to take preventative steps to avoid hardship in the future. It’s clear that many Australians are not having an honest conversation about their situation, and are waiting till they are in crisis before taking action.”
Preparing for financial setbacks
So how can you prepare for a financial setback? Building an emergency fund can give you some breathing room to deal with the ups and downs of life. You can use this money to deal with unexpected costs such as:
- Family situations,
- Car repairs, or
- New appliances
The Salvation Army also offers financial coaching which can help you plan to pay essential expenses such as food and rent, or deal with non-complex debts such as electricity or phone bills, and rental arrears.
If you are already in crisis we may be able to provide you with financial counselling and other support.
We want your solutions
We are encouraging Australians to share their experiences with us, as well their suggestions as to how we can tackle these growing issues. We want to come up with solutions based on your experiences - how have you overcome these challenges, or what support do you need to overcome them.
Using the form below, let us know how you think our community can address these problems. Your feedback will be used to inform how we deliver our services and the submissions we make to federal and state governments.