Bankwest living with the downturn survey

financial indicator series

18 May 2009

The latest survey in our Social Indicator Series, the Bankwest "Living with the Downturn" survey was conducted between September 2008 and March this year and surveyed 1,144 Australians across all age groups and educational and professional backgrounds.

The survey revealed just over half of all Australians have not adjusted their finances in response to the worsening economic downturn and 52% would struggle to cope with losing their jobs, the latest Bankwest survey report has found.

The report, which found that 43% are barely able to make ends meet, is a sobering snapshot of how the unprecedented downturn of the past six months has hit home, with millions of Australians failing to put sufficient money aside to cover life's set backs.

Worse still, one in three Australians (38%) don't save a cent on a monthly basis, while only one in four (23%) save more than 10% of their savings each month - further reinforcing they are not preparing for the recession.

Not only are they not saving enough to insulate themselves from the downturn, they could not cope with a range of every day set backs.

The survey's findings are timely less than a week after predictions in the Federal Budget that the unemployment rate will rise to 8.5% in the next two years.

Download a copy of the full report and a breakdown on each state below:

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