Lucy Dean says Australians in the highest income category are experiencing the largest increase in stress over the state of the economy.
Credit: MangoStar_Studio
It could be time for Australia’s high-rollers to make the most of that Bikram yoga membership.
The latest NAB Consumer Anxiety Index reveal that the highest paid amongst us have registered the most significant growth in stress over the Australian economy.
Over the June quarter, Australian consumers’ concern over the general economic situation were up from 55.1 out of 100 to 63.8, with 100 marking extreme concern.
While it increased for all demographic groups, the increase was particularly pronounced for those earning at least $100,000 a year.
Here it was up 10 points to 59.8. However, this increase was also coming off the lowest base.
Australians older than 50 years were the most concerned age group.
Women across all age groups also experienced a significant increase in concern, up 10.3 points to 64.6.
The ability (or lack thereof) to finance retirement is the biggest concern for Australians.
This is followed by the ability to provide for their family’s future and to raise $2,000 in case of an emergency.
Concerns over retirement grew from 57.1 points in the June quarter in 2017 to 61.2 points this year.
The overall anxiety index shifted up to 58.8 points from the previous quarter’s survey low of 51.6.
This puts Australian anxiety at its highest level since the September 2016 quarter.
West Australians are the most concerned, with retirement funding providing the fuel.
Middle-aged women are also more likely to stress about retirement than their male counterparts who are more concerned about Government policy.
*Lucy Dean is a multimedia journalist who works in Sydney
This article first appeared at www.nestegg.com.au
