If you lost your job would you be able to survive on your savings for more than a month?
Don and Bradstreet a debt collecting agency recently conducted a credit survey and found that many Australians were unprepared for financial hardship associated with redundancies and sackings.
Four out of 10 people surveyed said their savings would only last 30 days if they lost their jobs, while 38 per cent said they would have to use credit cards to cover household bills and other essential expenses.
Christine Christian Dunn & Bradstreet's chief executive said that households earning $30,000 - $60,000 a year and aged between 18 & 49 were struggling the most.
Social researcher David Chalke stated that younger people were either putting their cash into superannuation or houses and you cannot cash either of these two in. Mr. Chalke singled out 18-34 year olds who still live at home or who could always go home if they were to run out of cash.
Ms. Christian felt that people should prepare a budget, change insurance payments so that they were more often and smaller and that they should pay closer attention to their bills.
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