The findings are based on a survey of more than 2,000 respondents, conducted between mid and late June 2022, and extrapolated using wider Australian Bureau of Statistics (ABS) data.

Since the beginning of the pandemic in 2020, the number of those suffering severe or moderate financial stress has increased dramatically.

The data shows 953,000 workers are severely financially distressed, while 2.01 million are moderately financially distressed. 

Of those, the 18-29 age group is the most affected by financial stress (31%) compared to the 55+ age group who are least impacted (12%). 

According to AMP, financial stress costs the economy $66.8 billion a year due to lost productivity, lack of motivation, and employee distraction. 

This figure is double the rate found from the same survey conducted in 2020

Stephen Owen, AMP’s General Manager of Member Engagement, said concerns about meeting expenses and the impact of higher interest rates are major factors contributing to financial stress. 

“It’s no surprise we’re more financially stressed than ever,” Mr Owen said.

“Following an emotionally unsettling two to three years with Covid, we’re now facing rising interest rates, general cost of living pressures, a property downturn and jittery investment markets.

“What’s particularly concerning is the impact on women, single-parents and younger Australians, where stress levels have increased the most.”

The report found 27% of women and 25% of single-parents aged 30-44 are severely or moderately financially stressed, up from 19% and 13% respectively in 2020.

There is a silver lining 

The research indicates the Covid crisis caused many workers to reassess their finances and set goals for the future. 

Workers considering setting financial goals has doubled from 17% to 34%.

Additionally, one in two employees indicate they are likely to seek professional help in the next 12 months.

“There are reasons to be optimistic – unemployment is at historic lows, our economy is in relatively robust shape, despite inflationary pressures, and new flexible ways of working are seemingly here to stay, easing the logistical pressure cooker for many families and reducing household expenditure,” Mr Owen said.

“Importantly, the rising stress has also been a catalyst for many Australians to engage with their finances – more of us are recognising that simple steps such as setting financial goals, establishing a budget and accessing credible online educational resources can have a positive impact on financial peace of mind.

“These actions are the foundations for financial wellbeing, irrespective of income and age.”


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Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

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