Australians are most concerned about financial constraints, climate change and the environment, and work and education, according to a study by Real Insurance.
The first annual Real Concerns Index, which saw 5,029 Australians rate various concerns from family to financial out of 100, revealed the Northern Territory (46.1), ACT (45.9), New South Wales (45.6), and Queensland (44.6) as the states most concerned about financial, climate change and, environment and work and education issues.
So, what’s driving these concerns?
Findings showed that more than half of Australians are concerned with financial constraints, with life’s daily spending playing a huge part in their ability to financially prepare for the future.
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Nearly nine in 10 respondents (88.5%) felt consumed by daily expenses and the burden of keeping up with rising living costs. Financial concerns also relate to rising energy and fuel prices (78.3%), economic instability in the local economy (56.1%), living pay cheque to pay cheque (63.5%), planning to start or grow a family (32.8%), living healthier becoming too expensive (64.4%), and the cost of tertiary education fees (44.8%).
Australians were also found to be concerned about the state of the current economy, both on a global scale (60.1%) and a local scale (56.3%). Anxieties with the local economy were mainly driven by local job opportunities, security and wage growth (66.1%), and the impact of the global economic downturn (42.9%).
Key financial concerns for Australians also included the increasing unattainability of home ownership in today’s property market (56.1%),] and saving enough money to cover the whole of retirement (70.9%).
Meanwhile, 64.5% of Australians were found to be concerned with leaving an environmental legacy for their families, with 59.8% worried that the degrading environment will affect quality of life with pollution (79.6%) and destruction of natural wonders (78.0%).
When it comes to work and education concerns, 74.3% are troubled that their jobs are not paying enough to keep up with the cost of living, 60.3% were worried about future job security and market stability, and 60.9% cited impact of work on life and wellbeing as a key concern. The survey also found that 52.5% of Australians are working overtime in fear of losing their jobs.
