Just one in four are 'financially fit'

Just one in four Aussies are deemed to be "financially fit", a new study has revealed.

The Bankwest Financial Fitness Index surveyed 1,000 Aussies and discovered that only 25 per cent are in total control of their monetary situation.

However, this was a significant rise from the 17 per cent figure that was recorded 12 months ago, so it appears that things are moving in the right direction.

The research showed that a growing number of Aussies are now being more careful with how much they spend on their credit and debit cards, as many people are still battling to make ends meet.

A recent study conducted by American Express Business Insights indicated that members of Generation-Y are keen to splash their cash on luxury goods, but the Bankwest index appears to tell a different tale.

It found that Aussies under the age of 32 have altered their spending habits for the better, with more youngsters steering clear of debt.

Retail chief executive at Bankwest Vittoria Shortt said that Gen-Y members are generally in a stronger financial position because many have yet to commit to a home loan.

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