Australia’s financial wellness in 2023 [Report]

Australia: A nation of savers or spenders?

How do Australians manage their money? Where do they turn to for financial advice? And how do they budget for a rainy day? With inflation soaring, these questions are more pressing than ever —especially for employers looking to maintain employee wellbeing and engagement. Research shows that employee financial stress is a major workplace issue that costs Australian businesses $30.9 billion annually due to employee distraction and absenteeism¹.

• Almost 1 in 2 (46%) of Australians struggle to pay for regular expenses like rent and food before payday.

• 3 in 4 Australians have difficulty budgeting for expenses each month

• 90% of Aussies have outstanding short-term debt.

1. HRD Australia, 2022. A rising tide of financial stress is drowning Australia’s workers

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The information provided in this article is current as of 26 April, 2023. The views expressed in this article are general information and opinions only, and are provided in good faith without taking into account your personal circumstances, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for you and we recommend that you seek independent financial, legal and taxation advice. Certain information given is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. Employment Hero does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this article.