One in five Australians would struggle to scrape together $4000 to cover an unexpected expense, according to worrying new data.
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Financial confidence continues to plummet as Aussies grapple with factors such as the cost of living crisis, and 13 interest rate rises recorded in less than two years, according to research commissioned by life insurer NobleOak.
The study found 41 per cent of Australians are concerned about their current financial situation, with 35 per cent admitting to not feeling in control of their personal finances.
Alarmingly, a quarter of respondents didn't feel confident their families would be looked after financially if something were to happen to them.
NobleOak chief executive Anthony Brown said despite these challenges, 70 per cent of those who felt a lack of control in their personal finances said they wished they could do more to feel in control.
"Individuals with life insurance may feel more secure and better equipped to navigate unforeseen financial challenges or life events, which plays a role in overall optimism about the future," he said.
"However, those who are likely to need life insurance the most financially are also the ones who are least likely to hold cover.
"Those with a lower household income and renters are least likely to be able to deal with a large, unexpected expense - typically the same demographic less likely to have life insurance."
The research, which dates back to 2017, shows that the percentage of people who hold life insurance has risen by almost 20 per cent in the period (47 percent to 65 per cent.)
The research also found people with life insurance are prioritising it more than ever before, even being prepared to reduce grocery expenditure to hold onto it.
To read the full report click here.
