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Many Australians don’t have enough money in the bank to deal with a financial emergency. (Getty)<\/p>\nMillions of Australians are too strapped for cash to deal with a financial emergency, meaning a job loss or medical incident could land them in an instant crisis.<\/p>\n
A new survey from Finder found that almost two in five respondents – equivalent to 7.9 million people – don’t have enough money saved to cover three months of essential living costs<\/p>\n
And one in five said they found it “very difficult” to save money.\ufeff<\/p>\n
Many Australians don’t have enough money in the bank to deal with a financial emergency. (Getty)<\/p>\n
\ufeffNearly one in 10 don’t have a three-month savings buffer but are trying to get there, while eight per cent of respondents said they didn’t\ufeff think a three-month emergency fund was necessary.<\/p>\n
Finder money expert Alison Banney said millions of households were vulnerable to an unexpected event like job loss or illness.<\/p>\n
“One sudden unexpected financial setback \u2013 like a redundancy or a health scare \u2013 could throw their whole life into financial chaos,” she said.<\/p>\n
“Those without savings could be forced to rely on debt which could quickly leave them in a worse position.”<\/p>\n
However, while 37 per cent of Australians don’t have a three-month emergency fund, the average Aussie has $43,650 in cash savings according to Finder’s Consumer Sentiment Tracker, highlighting a gap between the haves and have-nots.<\/p>\n
Banney said even putting away a small amount consistently can add up over time and provide a crucial buffer.<\/p>\n
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