In a recent financial industry survey by Map My Plan, it was noted that more than one third of Australians are holding levels of savings at precarious levels.

The report noted the following;

1. 36% of working Australians could only access $1000 or less in the event of a financial shock such as a medical emergency, without going into debt,
2. 8% could access nothing at all which is unsurprising given that 14% of respondents save nothing each month.

The survey which encompassed 1500 Australians was centered around working Australians being able to manage cash flow as well as the ability to absorb a financial shock. The survey concluded that we are not even close to covering those things and scored Australians financial health at a meagre 113.5 out of a possible 200.

The survey revealed that the most destructive thing people can do is go overboard on their credit card. Further the survey revealed that half of the people who have credit card debt report that they also have cash savings. Even though basic mathematics tells you to pay off the credit card, there is real reluctance for people to do that.

We at the Garis Group are of the view that Australians who want to control their finances and their savings, need a financial plan. The survey concurs with our view and notes that people who have a plan see their financial fitness levels increase dramatically.

If you want to take control of your financial future call us at The Garis Group for an obligation free financial health check on 02 4969 4699.

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