More than a third of older Australians worry about money at least once a week, with nearly one in five fretting about it every single day.
On the flipside, more than a quarter of Aussies aged 50-plus rarely or never worry about money at all.
The surprising insights come from Mortgage Choice, which teamed up with Core Data to find out what Australians think about their finances. Overall, fewer older people report having daily worries about money than the general population – as a group, 24.2 percent of people report worrying about money on a daily basis, against 18.2 percent of the 50-plus demographic – and at 26.4 percent, more older people have the luxury of rarely or never being concerned by their cashflow, compared to just 18.3 percent of the broader population.
Mortgage Choice CEO John Flavell told Starts at 60 that the 50-plus age group was less likely to take on new debt and more likely to earn a higher wage, which was why a large number of people had no money worries.
“That said, more than one-third of all Australians did say that they worried about their money at least once a week,” Flavell said. “This is still a startling statistic.”
Perhaps more worrying, though, is the 2.2 percent of people aged 50-plus who admit they “avoid thinking about [money] even though I should”.
Flavell reckoned this was the worst way of dealing with financial issues.
“As the old adage goes, ‘don’t put off til tomorrow, what you can do today’,” he said. “We should look at ways to improve our financial situation today, instead of putting it off and worrying about it tomorrow.”