Survey says more households are reporting debt stress

01 August 2016

Research by ME Bank, a BCCM member, has shown there to be a twofold increase since December last year of the numbers of households who say they will struggle to meet their minimum debt repayments in the coming year.

The bank’s biannual Household Financial Comfort Report also showed 10 per cent of indebted households are reporting debt stress, which ME Bank says is the highest level since the survey began in 2011.

The survey says baby boomers are also reporting lower levels of financial comfort as they tend to be savers rather than borrowers. The report provides in-depth insights into the financial psychology of Australians based on a survey of 1,500 households.