It's reversible: Financial hardship affecting over 9 million Australians

Money and Investing with Andrew Baxter

Welcome to another episode of the Money and Investing Show. In this week's deep dive, we share critical insights on the financial hardship affecting over 9 million Australians. We delve into this sobering statistic, its root causes, and what can be done to alleviate it. Listen in as we discuss how this swirl of financial distress is avoidable and reversible. Prepare to take notes and action as we arm you with valuable advice, tips, and strategies for navigating these tumultuous financial times. Join our expert hosts, Andrew Baxter and Mitch, as they tackle the frightening reality of declining household savings. They discuss a recent revelation from independent research company Finder, revealing that 45% of the Australian population, or approximately 9 million people, have less than $1,000 in savings. They use this startling truth as a springboard to a candid discussion on the failed state of financial education and financial literacy in society. By dissecting these daunting numbers, our hosts bring to the fore the genuine difficulties people face in making ends meet in today’s economic climate. The conversation encompasses diverse topics such as grocery expenses, credit card pitfalls, predatory lending practices like buy-now-pay-later schemes, and the use of personal loans to alleviate financial distress. Instead of lamenting widespread financial illiteracy, our hosts propose tenable solutions. They underscore the benefits of budgeting, cutting unnecessary expenses, finding alternatives for essential expenses like food, and creating an additional income stream through side hustles. With careful planning and disciplined execution, our hosts assure us that financial stability can be regained and future crises can be averted. This impactful episode of the Money and Investing Show is a must-listen for anyone grappling with financial hardship or seeking to prevent such a predicament. Tune in and share in the wealth of knowledge because 9 million people need to hear this.

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