Money.com.au surveyed 1005 Australians to gauge how many Aussies have been struggling to pay expenses and meet payment deadlines.

The study also sought to find out what financial decisions Australians have been making to alleviate financial stress. Respondents were asked to select the following decisions they have had to make in the last 12 months:

• Consolidated debts into a lower-interest loan (such as into my mortgage, or a debt-consolidation loan, or put my credit card debt into a lower-rate credit card).
• Switched energy/gas/phone providers to save on my bills.
• Switched insurance providers to reduce my insurance premiums.
• Followed a budget or tracked my spending.

The pool of survey respondents matches the age and geographical spread of the Australian population. 

Money.com.au asked survey respondents if they have been struggling to pay their expenses in the last 12 months. The survey aimed to investigate the number of Australians who have struggled to pay all their expenses, those who have paid some expenses late, those who have found making payments challenging but have paid all their expenses, and those who have not struggled at all.

Money.com.au found that almost two-thirds (63 per cent) of survey respondents have found making payments challenging over the last 12 months. Specifically:

• 11% have struggled and haven’t been able to pay all their expenses.
• 17% have struggled and paid some expenses late.
• 35% have found making payments challenging but have paid all their expenses.

Thirty-seven (37) per cent of respondents reported that they had not struggled to pay their expenses over the last 12 months.

Similar proportions of respondents across the States have struggled to pay expenses in the last 12 months. Respondents in NSW are most likely to struggle to pay expenses with 66 per cent stating so. This compares with:

• 63% of Queenslanders.
• 62% of Victorians.
• 61% of West Australians.
• 55% of South Australians.

Queenslanders are most likely to have failed to pay all their expenses in the last 12 months at 15 per cent. This is followed by NSW respondents (13 per cent) and an equal percentage of Victorian, SA and WA respondents (8 per cent).

The survey found that respondents in NSW were most likely to have paid some expenses late (19 per cent). This is followed by 17 per cent of Victorians and West Australians, 15 per cent of Queenslanders and 11 per cent of South Australians.

Victorians were most likely to find making payments challenging but still managed to pay all their expenses (37 per cent). This compares with 36 per cent of SA and WA respondents, 34 per cent of NSW respondents and 33 per cent of Queenslanders.

Almost half (45 per cent) of South Australians hadn’t struggled to pay their expenses. This is followed by respondents in WA and Victoria (39 per cent), Queensland (39 per cent) and NSW (34 per cent).

Older respondents are least likely to have struggled paying expenses in the last 12 months with almost half (49 per cent) of respondents over 50 stating so. This compares with 31 per cent of 31-50-year-olds and 27 per cent of 18-30-year-olds.

Respondents aged 31-50 are most likely to have not paid all their expenses, at 16 per cent. This compares with 13 per cent of 18-30-year-olds and just 6 per cent of those over 50.

Younger respondents were most likely to have paid some expenses late. Specifically:

• 22% of 18-30-year-olds.
• 21% of 31-50-year-olds.
• 10% of over 50.

Despite finding payments challenging to meet, 37 per cent of 18-30-year-olds were able to meet all their expenses. This compares with:

• 35% of over 50.
• 33% of 31-50-year-olds.

With almost two-thirds of Australians struggling to pay expenses in the last 12 months, 78 per cent of Aussies have chosen to make some or multiple financial decisions to help relieve financial stress.

This includes consolidating their debts into a lower-interest loan, switching energy/gas/phone providers, switching insurance providers, and following a budget or tracking their spending. Twenty-two (22) per cent of respondents did not choose to do any of the above.

Money.com.au found a large percentage of Aussies chose to follow a budget track their spending, at 58 per cent. This is followed by:

• 25% who chose to switch their energy/gas/phone providers to save on bills.
• 23% who chose to switch insurance providers to reduce their insurance premiums.
• 9% who chose to consolidate their debts into a lower-interest loan (such as into their mortgage or debt-consolidation loan or put their credit card debt into a lower-rate credit card).

Across the States, NSW respondents were most likely to have made multiple financial decisions in the past 12 months to alleviate financial stress with only 20 per cent stating that they did not choose to make any of the financial decisions listed by Money.com.au. This compares with:

• 21% of Victorians.
• 21% of South Australians.
• 22% of Queenslanders.
• 31% of West Australians.

Respondents across all States were most likely to have followed a budget or tracked their spending. Specifically:

• 60% of Queenslanders.
• 60% of South Australians.
• 58% of NSW respondents.
• 57% of Victorians.
• 50% of West Australians.

Victorians were most likely to switch energy, gas or phone providers to save on bills, at 33 per cent. This compares with 29 per cent of South Australians, 24 per cent of NSW respondents, 21 per cent of Queenslanders and 20 per cent of West Australians.

For West Australia, the second most popular financial decision was switching insurance providers to reduce insurance premiums, at 24 per cent. This is followed by an equal 23 per cent of respondents in each of the States.

Similar proportions of respondents across the states chose to consolidate their debts with NSW most likely to do so by a small margin (11 per cent). This is followed by 8 per cent of Queenslanders and West Australians and 7 per cent of Victorians and South Australians.

Money.com.au found 31-50-year-old respondents most likely out of the age groups to follow a budget or track their spending, switch energy/gas/phone providers, and switch insurance providers, to save on bills.

Specifically, when it comes to following a budget, 62 per cent of 31-50 years olds chose to do this in the last 12 months. This is followed by:

• 58% of 18-30-year-olds.
• 55% of over 50s.

Thirty-three (33) per cent of 31-50-year-olds chose to switch energy, gas, or phone providers. This is compared to:

• 28% of 18-30-year-olds.
• 18% of over 50s.

Twenty-four (24) per cent of 31-50-year-olds chose to switch insurance providers, followed by:

• 23% of over 50s.
• 21% of 18-30-year-olds.

Interestingly, the survey found that respondents aged 18-30 were most likely to consolidate their debts into a lower-interest loan, at 13 per cent. This compares with:

• 8% of 31-50-year-olds.
• 6% of over 50s.