I am grateful for that magnificent service.Ī useful way of examining reports of financial stress is to group people according to the number of financial stresses experienced. I go to a church-run foodbank & receive a generous amount of food for $25 each week. Respondents with a spouse or partner were less likely to report being very concerned about their finances (8% of partnered respondents were very concerned about current finances and 12% about future finances) compared to single people (21% of single respondents were very concerned about current finances and 29% about future finances).Renters were more likely to say they were very concerned about their family's financial situation (26% for current and 36% for future financial situations) than those who had a mortgage (10% for current and 15% for future financial situations) and those who owned their home outright (6% for current and 10% for future financial situations).Other findings from the analysis of the survey data: Source: Families in Australia Survey 3, N = 5,334 (current), 5,324 (future) Figure shows predicted probability of being very concerned about the family's current/future financial situation, based on logistic regressions that also include household composition, relationship status, housing tenure, work hours and age of respondent. Notes: a Couple-combined income for respondents with a spouse or partner. While this survey is not representative of the Australian population, it provides insights into some of the experiences and concerns of Australian families. The effects of the COVID-19 pandemic were ongoing at the time of this data collection, although they varied across Australia during the weeks data were collected. This snapshot reports on families' experiences of financial concerns and stresses at May-June 2021, as captured in the third Families in Australia Survey. Additionally, many families have taken actions to address their financial concerns such as changing their spending habits or drawing down on savings and superannuation (Warren, 2020). Some families' incomes have been bolstered by the financial supports put in place by the Australian Government. Since the start of the pandemic, many families have experienced job losses, reduced work hours or business closures, contributing to a drop in income for individuals and families. The COVID-19 pandemic has put a spotlight on the financial circumstances of families in Australia.
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