Too many households are living beyond their means

Wednesday 12 September 2012

Article by Mozo

The Australian Bureau of Statistics (ABS) has warned that too many people across the country are living beyond their means.

New figures released by the body have shown that one in seven households are spending more than they bring in, News Limited reports.

Low-income families are finding it particularly tough to pay their power bills, while a large number of Aussies are struggling to cope with their mortgage repayments.

This is despite the fact that the average household is picking up $91 more in government benefits than they are paying to the state through taxes.

Recent statistics compiled by the Curtin Business School showed that people in Western Australia – a prosperous part of the country – are increasingly concerned about the rising cost of living and this is reflected in the latest ABS announcement.

The ABS added that even the wealthiest households are spending too much money, as nearly eight per cent of the country's highest earners are living on credit.

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Too many households are living beyond their means

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