The latest survey in our Social Indicator Series, the Bankwest Financial Fitness Index measured 14 'vital signs' of financial fitness, including housing costs, debt, savings, insurance, and assets.
The survey revealed that 22% of Australians are struggling to manage their personal finances, with a further 58% classed as "borderline".
Generation Y (people under the age of 30) are bearing the brunt of the bad news, with nearly one in three being "financially unfit". At the other end of the spectrum, Baby Boomers (people aged 44-62) and Retirees (63+) are much better off, with only 15% and 9% respectively being "financially unfit".
Chief Executive Bankwest Retail Ian Corfield said the survey aimed to get Australians thinking about their finances during the tougher economic times.
"Sometimes the warning signs aren't obvious and the Financial Fitness Index is a handy tool to help people take some healthy first steps," said Ian.
"If our Financial Fitness Index suggests they might have a problem, the next step would be to come into a Bankwest store for a review."
For more information please visit www.bankwest.com.au/getfit
Download a copy of the full report and a breakdown on each state below.
- Financial Fitness Report 2009
- Financial Fitness Media Release 2009
- Financial Fitness Media Release 2009 - NSW
- Financial Fitness Media Release 2009 - NT
- Financial Fitness Media Release 2009 - QLD
- Financial Fitness Media Release 2009 - SA
- Financial Fitness Media Release 2009 - TAS
- Financial Fitness Media Release 2009 - VIC
- Financial Fitness Media Release 2009 - WA
