Australia’s Financial Health In Tip-Top Shape With NAB Assist

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Though 36% of Australians have experienced financial hardship in the past three months, National Australia Bank research shows that they make ends meet.

Results from the research, which used a ten-point scale, showed that Australians still only scored 4.4 out of 10. A score of 10 would signal that they are struggling very much—a consistent trend for the past three months.

“The findings of the study were consistent with the NAB Assist team’s conversation with personal banking customers,” said Mark Baylis, NAB Personal Banking Executive.

“Although the majority of our clients are doing well, there are a few areas we’re seeing some financial difficulty.”

“Banks play a vital role in supporting home loan customers struggling with increasing interest rates.

“Although most home loan customers are ahead on their repayments, I still advise anyone concerned to speak with their bank as soon as possible.”

According to the study, financial hardship was most prevalent in Western Australia (45%), South Australia/Northern Territory (38%) and Victoria (37%). New South Wales/ACT, Queensland and Tasmania were areas with the lowest levels of financial hardship.

In the past three months, 36% of Australians have experienced financial hardship (up from 35% in Q2 to 29% in Q1).

Mr Baylis said that being unable to pay bills on time, cover rent, meet minimum credit card payments, or take care of medical expenses are all financial hardships.

“At NAB, we work with our customers to offer solutions that fit their needs and situation. These might be a reduced payment arrangement, break from payments, or restructuring their loan.” Mr Baylis said.

“The sooner a customer contacts us, the faster we can help. 97% of our customers were back on track within 90 days of receiving assistance from NAB Assist this year.”

Mr Baylis said that Australia’s financial health was in good shape. He noted that the recent interest rate cut and predictions of another rate cut next year would help ease some hardship for Australians over the next few months.

“We’re pleased to see that Australians are continuing to manage their money well, and we will always strive to offer our customers appropriate support,” Mr Baylis said.

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