The idea of “keeping up with the Joneses” is still deeply embedded in the Australian culture.
A new survey, released today by the Salvation Army, found 45 percent of people feel pressure to spend more than they can afford.
Of those, 43 percent said the pressure was due to embarrassment about their financial situation and 31 percent blamed cultural or societal expectations.
The term “Keeping up with the Joneses” came from a United States comic strip of the same name.
The comic satirised the desire of households to try to match the lifestyle of neighbours who always appeared to be doing better.
The Salvation Army’s national survey of more than 2000 people found 52 percent had a credit card debt and 26 percent had a Buy Now, Pay Later debt.
The Salvation Army’s Head of Moneycare Kristen Hartnett said the research showed many people were carrying heavy financial burdens, often in silence.
“Twenty-three percent (of survey respondents) never speak to family or friends about their financial situation,” she said in a statement.
“Thirty-two (32) percent feel uncomfortable discussing money at all with their family or friends.”
Other findings included:
- 24 percent of people find it difficult to create a budget
- 20 percent struggle to prepare a tax return
- 89 percent feel the same or more stressed about their finances than last year
The Salvos used the launch of the survey to promote its Moneycare counselling service.
The free service supports people to get on top of debt, create budgets and navigate financial stress.
