- Australians are turning to Moneysmart to help manage their money, with over 3.2 million visiting Moneysmart so far this year.
- ASIC encourages all Australians to engage with their finances and research their options, so they can make informed financial decisions.
Many Australians are feeling the pinch with their personal finances. High inflation and interest rate rises have made affording everyday expenses more challenging.
Australians are turning to Moneysmart to help manage their money, with over 3.2 million visiting Moneysmart so far this year. A record number of users visited the website in February and March, compared to previous years.
The rising cost of living is triggering people to look for options to improve their financial situation.
In 2023, Australians are looking for ways to make changes to their current financial set up. More people are looking for information on switching home loans (up 57%), building savings (up 34%) and managing debts (up 34%).
Moneysmart users are looking for ways to relieve money pressures, with traffic to content on problems paying your mortgage increasing 149% since 2022. People are also looking to pay off their credit cards (up 34%) and are considering credit card balance transfers (up 55%).
Financial stress can have a devastating impact on mental health. ASIC research published in 2022 showed that people experiencing financial challenges are at least twice as likely to encounter mental health issues than those who aren’t. We encourage anyone overwhelmed by financial stress to call the free National Debt Helpline on 1800 007 007.
Here are four steps Australians can take to help manage the cost of living:
- Review your spending and start a budget: Review your bank or credit card statements for the last two months to see if there are things you could cancel or change to a cheaper option. Start with ASIC’s Moneysmart budget planner.
- Ask for financial hardship assistance: If you’re struggling with mortgage repayments, talk to your lender. The earlier you do this, the more options you have.
- Get help if you need it: If you’re feeling overwhelmed by your situation, speak to a financial counsellor. They can explain your options and help you make a plan.
- Seek emotional support: If you're concerned about your mental wellbeing, know that help is available. Contact Beyond Blue on 1300 22 46 36 or use their web chat (24 hours a day).
ASIC encourages all Australians to engage with their finances and research their options, so they can make informed financial decisions. For trusted information and guidance, ASIC’s Moneysmart website is the place to start.
ASIC is Australia’s corporate, markets and financial services regulator.