Many Aussies are struggling financially, RBA study shows
Article by Mozo
The poorest members of society are taking drastic measures in order to make ends meet.
A new study launched by the Reserve Bank of Australia (RBA) has indicated that ten per cent of low-income households have skipped meals in the past 12 months due to cashflow problems.
As well as this, a further eight per cent said they had been forced to sell or pawn some of their personal items during the same period.
Nearly one in three suggested they had been unable to pay a utility bill on time and 20 per cent have sought financial help from their family or friends.
It appears that people who earn more money are also having to cut back on their spending, as a recent study by the Curtin Business School showed Aussies are hitting the shops less frequently and are instead adding to their savings accounts or trimming their debt.
The RBA says that while pay disparities between households is inevitable in any society, measures are being introduced by the government to help the poorest people stay afloat.
Get more information on the latest Reserve Bank interest rates with Mozo.