NAB Is Here to Help Australians Struggling With Making Ends Meet

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More than 40 per cent of Aussies face money issues, the most significant volume since the COVID-19 pandemic began. NAB’s latest research states that this alarming statistic cannot be ignored.

According to the National Australia Bank (NAB) Financial Hardship report, an alarming quarter of Australians have relayed their nervousness about affording life’s essentials. Our nation is grappling with a financial paradigm shift that has left many anxious and overwhelmed.

NAB Executive Mark Baylis admitted that specific population segments faced increasing financial difficulty.

NAB will stand by Australians, just like we did during the pandemic. We are here to step in and support our customers who need it,” Mr Baylis said.

Money-related stress is real for Australians, with 1 in 3 people affected. Of those, the most common forms of difficulty are needing more money to prepare for an emergency 21 per cent financially, accessing food and basics 16 per cent, or paying off bills 14 per cent. 

One-fifth of people have missed payments on their energy/ to exemplify this struggle further to exemplify it further. These key findings from recent research provide insight into financial insecurity amongst Australians today.

A staggering 33 per cent of rural and regional Australians experienced financial hardship, compared to 30 per cent in capital cities. 18 to 29-year-olds and 30 to 49-year-olds were hit the hardest with higher difficulty levels than older age groups. 

Surprisingly, rising interest rates had minimal impact on mortgage repayments, as only 5 per cent reported being unable to meet their payments.

At NAB, we are devoted to aiding Australians in financial hardship by Supplying tailored assistance such as assisting with the suspension, decrease, or restructuring of payments through our NAB Assist program. 

Making contact early with customers rolling off lower fixed rates and suggesting appropriate solutions. Distributing more than $47 million of zero-interest loans specifically to those on low incomes that assist them in acquiring essential items like household goods, educational materials, and vehicles.

Despite the fact that most of our customers are doing just fine, for some Australians, financial hardship is a fresh experience as prices continue to rise and put an ever-increasing strain on their bank accounts,” Mr Baylis said.

NAB is here to assist. Our team talks with over 1,000 customers daily who need economic aid.

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