Brokers are relied on to help customers assess their finances and plan next steps
Financial stress is edging higher across Australia, even as more households cut back spending and focus on saving, according to the latest NAB Australian Wellbeing Survey.
Rising concern about retirement funding, essential expenses and savings buffers is coinciding with a broad shift towards more disciplined money management and ongoing demand for home ownership.
Younger adults are feeling the pressure most acutely, with higher stress levels and greater difficulty covering essential expenses and raising funds for unexpected bills.
At the same time, around three in four Australians are actively trying to save, and a growing proportion of households are now spending less than they earn.
Home ownership remains an aspiration for many. Majority of the respondents continue to see owning a home as a key element of financial security, despite higher interest rates and cost‑of‑living pressures.
The results also highlight clear differences in wellbeing between demographic groups. Older Australians, on average, report higher overall wellbeing, lower financial stress and greater satisfaction with their lifestyle, finances and emotional health.
Migrants, especially those who have arrived in the past five years, are more optimistic about their future than Australian‑born respondents.
Family support remains an important factor in household resilience. Financial assistance from parents and grandparents to adult children is now present in about one in seven households, underlining the role of intergenerational transfers in helping younger Australians manage costs and, in some cases, move towards home ownership.
“The latest NAB data reflects what many brokers are already seeing with their customers - a real mix of pressure and determination,” said Adam Brown (pictured right), broker distribution executive at NAB.
“Australians are working hard to get their finances in order, saving more and spending more carefully, but many are also navigating genuine financial stress.
“Brokers play an important role in helping customers make sense of where they stand and what is achievable. The aspiration for home ownership is clearly there - and so is the determination to get there.”
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