2016 Financial Fitness Report
In 2015 we took on the challenge of benchmarking Australia’s financial fitness. With personal finance issues the leading cause of stress, we wanted to identify what was worrying Australians, how that was impacting them at work – and calculate an index to measure any changes in our national level of financial fitness.
One year on, we asked more than 1,500 Australian workers to take the challenge again.
Disappointingly, we haven’t improved as a nation – flat-lining with an average index score of 113.5 out of a possible 200, compared with 114.2 last year.
The index is composed of the four key pillars of financial health:
- Control of personal finances
- Capacity to absorb financial shock
- Planning for a secure financial future
- Financial freedom
While this year’s survey responses indicated we are saving a little more for a rainy day, it’s because we are more worried than ever about our financial future – and we’re also increasingly concerned about housing affordability, relying on the pension, and healthcare costs.