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Home Features Thought Leadership How shock-resistant is Australia in financial hardship?
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TAGS Economic inequality, social justice, financial resilience
In the past, an inability to manage financial situations has been partly viewed as a deficit in individuals. Government has to get better at intervening to help and provide the right support at the right time.
Unsurprisingly, money matters.
It can determine where we live, who we live with, our standard of living, what we do with our free time, and our futures. It’s also of vital importance when we get hit with a financial shock. An unexpected need to raise significant funds can suddenly become a pivotal moment in a person’s life. For the one in eight Australians who can’t raise $2000 in an emergency, a huge mobile phone bill, a car repair, the need to suddenly have to find bond money can all be the most sinister catalysts towards a path of disadvantage.
How a person deals with that financial shock — their financial resilience — is crucial. In a report released today, Financial Resilience in Australia, we look at this in detail.
There are solutions to financial shocks, of course. Savings, affordable credit, friends and family can all play an important role in ensuring an individual can bounce back relatively unscathed.
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Professor Kristy Muir is the Research Director at the Centre for Social Impact, a collaboration between UNSW, SUT and UWA.
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