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Listen: 3 in 5 young Aussies stress about money and 1 in 3 don't know what their super balance is, let alone whether it’ll be enough for retirement.
Feeling financially frazzled? You’re not alone.
Key points:
- Financial blind spots are surprisingly common, especially when it comes to goal-setting and investing.
- “About 23% of us are just trying to keep our budget in our head, and only 17% are using the digital money tools.”
- “When you know better, you budget better.”
- Listen to this conversation in the player above.
If you’re under 40 and feeling overwhelmed by your finances, you’re not alone.
According to new research from CommBank, nearly three in five young Aussies are seriously stressed about money, and around a third aren’t even sure what their super balance is — let alone whether it’ll be enough for retirement.
The Morning Wakeup’s Jordy caught up with Jessica Irvine, personal finance expert and advocate for financial confidence, to unpack the data and offer some reassuring advice.
Financial blind spots are surprisingly common, especially when it comes to goal-setting and investing.
“Even though younger Australians are more likely to track their spending and have a plan to grow their money, they’re still feeling the most financially stressed,” Jessica said.
The research found that financial blind spots are surprisingly common, especially when it comes to goal-setting and investing.
“Only half of us regularly set goals for our personal finances and feel confident we can achieve them,” she said.
“About 23% of us are just trying to keep our budget in our head, and only 17% are using the digital money tools that are out there.”
“About 23% of us are just trying to keep our budget in our head, and only 17% are using the digital money tools.”
So, what can you do to feel more on top of your money — without nodding off mid-budget?
Jessica’s advice is simple: “Break it down into smaller chunks. Ask yourself: what’s one thing I could do today to put myself in a better financial position?
“That could be as easy as logging into your super account or checking in on your bank balance.”
She encourages Aussies to take small, consistent steps to build confidence.
“When you know better, you budget better.”
“It’s about increasing your exposure to the topic of money and starting to build healthier habits.”
As Jordy said, “When you know better, you budget better.”
Learn more at commbank.com.au
Listen to the full conversation in the player above.
Feature image: CanvaPro
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