An EY survey has found that just 28% of Australians expect to reduce their debt in 2019, down from 60% in 2018. The survey also found that more than 60% of respondents were ‘extremely’ concerned about the cost of living, suggesting that more people are not able to cut their debt because they lack the ability to do so, rather than a lack of desire to do so. From The AFR:
“Given that our survey also showed that over 60 per cent of Australians are ‘extremely’ concerned about the increasing cost of living – the cost of essential services and increasing energy prices – it seems that more households are not paying down debt because they do not have the capacity to do so,” EY chief economist Jo Masters said…
