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COVID-19-hit employees increasingly relying on personal debt By Sarah Buckley 23 December 2020
The pandemic has forced more working Australians to rely on personal credit to cover expenses and debt, new research from AMP has shown.
According to AMP’s 2020
Financial Wellness Report, which collected insights from 2,131 Australian employees over June and July 2020, 14 per cent of Australians have been unable to pay one or more bills on time over the past year.
It found that, in 2020, around one in seven (14.5 per cent) of survey respondents reported moderate or severe levels of financial stress. This rose markedly for those whose finances have been negatively impacted by COVID-19, to around a quarter (23 per cent).