Financial anxiety is up around the globe – Moneyweb Surveys (2020) suggests that many people are perilously unprepared for a major economic jolt

As the world reels from the economical shockwaves of the COVID-19 Pandemic, surveys (Moneyweb, 2020) suggest that we are unprepared for a major economical shock.

The following statistics were taken from the Organisation for Economic Cooperation and Development’s 2020 International Survey of Adult Financial Literacy.

  • 42% of the 125 787 adults selected “worrying about meeting everyday expenses”;
  • 40% selected their concern about their financial situation; and
  • 37% selected that they are making ends meet.

The survey also included an open-ended question: “If you lost your main source of income, how long could you continue to cover your living expenses, without borrowing any money or moving to a new house?”

The answers:

  • 28% said a week;
  • 25% said a month;
  • 15% said three months;
  • 18% said more than six months; and
  • 14%, reported not knowing

Authors of the study suggest these responses as, “revealing of either unpreparedness to consider such eventuality or lack of resources for a financial cushion” which grows the concern given the threat of mass long-term unemployment. The survey concludes with a discussion on the financial precariousness in this increasingly unstable world is far from evenly distributed.

Our financial experts have been unpacking and providing practical advice on the best ways to preserve your financial freedom. All that is required is the will to start – so start today.

Anglowealth is an Authorized Financial Service Provider (FSP Number: 46755)

Source: Moneyweb (2020)

Scroll to top