• 28% of Aussies doubt ability to cope financially
• 25% of Gen Y ignorant of total debts
Over a quarter (28%) of Australians doubt they could cope financially if they had to take two months off work due to an accident, according to a survey.
The survey* conducted by low cost insurance provider Budget Direct also found a worrying number of the younger generation didn’t even know how much debt they had, says Kimberley Moody, Senior Communications Manager, Budget Direct.
“One-quarter of Generation Y – or those aged 20-34 – are unsure how much they owe,“ says Ms Moody. “This group was also the least confident about their ability to cope financially if they couldn’t work due to injury.”
The survey findings reflect the latest ME Bank Household Financial Comfort Report released this week which showed only 46% of households were able to save each month; about one-third of households (35%) had less than $1000 cash-on-hand, and 24% said they could not raise $3000 in an emergency.
One way to bridge the gap is to take out Personal Accident insurance, which pays a lump sum for certain accidental injuries, says Ms Moody.
“It’s pretty cheap insurance for peace-of-mind, particularly for families on one income.”
For more info go to: http://www.budgetdirect.com.au/personal-accident-insurance.html