Your Financial Wellness

2024 Your Financial Wellness User Insights

"We’re seeing the emergence of a two tiered system - those who avail themselves of financial capability tools and financial advice are doing significantly better, they experience less and greater overall wellbeing, than those who don’t"

The 2024 Your Financial Wellness User Insights analysed the financial health of 5,000 Australians who answered up to 100 questions about their finances. The report uncovers a stark contrast in financial wellness and literacy: those who actively seek financial guidance exhibit markedly better financial health than those who do not. This comprehensive analysis underscores the pressing need for enhanced financial literacy among Australians.

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Financial Stress: The Facts

- A staggering 75% of Australians struggle with paying bills on time, a challenge less pronounced among YFW platform users, at 47%.

- Financial stress is widespread, affecting 54% of the population, yet significantly lower at 27% among our users, indicating the efficacy of financial wellness tools.

- Amidst a deepening cost-of-living crisis, 40% of Australians lack a basic understanding of inflation's impact on their savings.

36% (slight drop from 40% in 2021) of respondents have less than a month’s salary in savings.

Around a quarter of respondents said they wanted to buy a home. However, the analysis indicated that only one in five (22%) of these respondents have sufficient funds to afford the deposit on a home valued at $780,000.

We again employed the Your Financial Wellness Index as a measure of financial wellness in the community. First validated in 2021 by the Centre for Social Impact at UNSW Sydney, the index offers profound insights into the subtleties of financial wellbeing.

Our findings indicate a substantial variance in financial health: YFW platform users boast an average Financial Wellness Score of 6.4 out of 10, surpassing those not engaging with financial capability tools, who average at 5.3. This clear advantage underscores the critical impact of utilising financial wellness resources for enhancing personal financial health.

Did you know that:

“Over one-third of Australian adults find dealing with money stressful, even when things are going well.”

Your current attitudes to money could be dictating your overall financial success - understanding this could improve your fortunes forever. Becoming more financially literate improves your chances of becoming a better money manager - better at choosing financial products, keeping track of finances and staying informed.