Australians Are Running Out of Savings - Here's Why

[@WhitneyRoss-dj4rf]

The cost of living seems to be increasing every year, making it harder to keep up.

[@ChloeCarter-kd7gz]

Indeed , it's becoming quite challenging to manage expenses.

[@JessicaKeith-uj1jq]

I've actually managed to stay ahead of the curve. I'm even contemplating early retirement.

[@LeahLewis-ny9iu]

Impressive! How did you achieve that?

[@JessicaKeith-uj1jq]

Our family got introduced to a financial consultant”DESIREE RUTH HOFFMAN .” about four years before my dad retired. That was what changed things, and I think my retirement income will be on the right track, luxury cars and trips

[@AshleyKeith-vw7ws]

Wow, that's impressive! I've heard of them I'm excited to hear about their success stories. I've actually had my mortgage paid off by following their guidelines calls.

[@mark211189]

love how he tells us to save, yeah, its fine when your making big bucks when the rest of us are making pennies. we have no choice but to use our savings.

[@hardpunk10101]

Yeah that made no sense telling people to save whilst also saying they are using their savings for basics.

[@callofduty3807]

Do you pay with cash or do you tap your card everytime you pay for something?

[@Empoweredwoman1234]

The guy the interviewed is only a journalist, as far as I know he's not a qualified financial advisor.

[@WilliamWhite-d4t]

Time to live within your means .it means having a budget and cutting up the credit cards.

[@KenSlager]

The art of plucking the most amount of feathers from a chicken with the least amount of squawking. Big business driven inflation is a work of art.

[@wmrajput]

My gas bill is 50% higher than it was at the same time two years ago. Inflation hasn't been 25% a year. Greedflation as noble price winner economist Stiglets said.

[@ddddddddddddddddddddd]

This isn't just an Australian phenomenon, across many countries, including America, savings are going negative and credit is skyrocketing... You don't need to be a genius to understand that.

[@exploringoptionsabroad]

Next is policy cancelation, Insurances, private health, dentist, glasses, going out, take aways, tooth missing, barred windows, police sirens all night, government offering electronic payment with area restricted spending, 10 years later very poor kids, slums, violencs. Like UK or south africa

[@chillpauly]

"Why aren't people digging into their mortgage offset accounts?" - mate, bold of you to assume I can afford to go anywhere near the housing market 🤦‍♂

[@gryphc3860]

He lives in a bubble 🙄

[@showyceramics]

True that!!!!!

[@cmnhl1329]

@@chillpauly he’s totally out of touch.

[@mark211189]

yeah doesnt help that cost of living is so high. its no wonder we are running out of savings because we are having to use it and the government is doing nothing to help

[@myday2704]

@@mark211189 the government caused the cost of living crisis through lockdowns which led to sharply increased prices

[@richardbrown9344]

You really expect them to help...They despise all of us and want to destroy us.

[@chrisb3189]

Government help, aka subsidies and handouts just add to the money supply and prop prices up more

[@neilstleon6251]

The cost of property and fuel has crippled the average person in this country.

[@multioptioned]

Millionaire hosts on the project talking about tough financial times? 😂😂😂

[@mjmf1430]

Don’t be fooled by what you see, they might also be suffering like everyone else.

[@sl6121]

@@mjmf1430 Yeah, naaaah...

[@multioptioned]

@@mjmf1430 😄 so funny!

[@Tonstar2209]

The so called mortgage cliff was a non-event because of available savings when mortgages flipped from fixed to variable. But with savings drying up the economy will fall off a cliff as there is no buffer.

[@zzagriff]

🤞

[@Aussie-Titan]

Australia has had the highest household debt for over a decade

[@adiintel1]

Don't look at Switzerland and Denmark 👀

[@sonjakozman1699]

@@Aussie-Titan fantastic. Something to be proud of

[@Aussie-Titan]

@sonjakozman1699 I've been waiting a month for you to answer this question, and you're still running away like the gutless coward you really are 😉

[@Aussie-Titan]

@sonjakozman1699 I'm still waiting for you to answer this simple question that you're running away from, like the coward you really are.

[@chrisb3189]

Depends on whether the debt is on assets

[@takeiteasy3525]

Wait.... people had savings?

[@takeiteasy3525]

@@myday2704 I got that from the video, thanks. I think you mistook the nature of my comment.

[@ariabutler5870]

Rents gone up about 30% in the last 4 years along with power, food, gas etc. I got a pay rise of 3.5% which will get us a litre of milk if we are lucky lol. But thats what the gov wants is for us to need them to survive. Alot of people will do anything for them including taking a vax or no job etc and look where that got us. Hopefully we all learn to work together. Control, manipulation and deceipt are not good and thats all they have shown us.

[@myday2704]

Ahh the lockdowns forced people to save but the lockdowns also triggered the inflation problem we have now. So those savings were needed just to cover the increased cost of everything we could afford before.

[@Ranger-sl5sq]

Exactly. If only people stopped voting for short term ‘assistance’ resulting in long term pain

[@vichetkim5533]

@@Ranger-sl5sq voting makes no difference as every solution is centralized around money printing.

[@richardbrown9344]

Inflation was due to convid, ukraine, gaza, and syria..

[@showyceramics]

Look at the malls- every shop, one or two people except Kmart etc. Much less discretionary income, no money for businesses.

[@younghee7411]

We are not asset poor at all but I can't afford to pay dental care, hair cut, even simply going to the specialist..( I can pay but extremely stressful to pay as not much money left) House insurance ,rates, medical insurance and so on ...

[@fornarirae]

exactly， just change my Bupa this year. Rate, water bill, electricity , everything is up

[@richardbrown9344]

Why do you need medical insurance?

[@Deano00777]

So why the hell were rates at 0.1% and the government was giving people $750 a week to do nothing….many of which done cashies while also taking the government money.

[@richardbrown9344]

Because ''our'' govt loves us and has our best interests at heart.

[@chrisb3189]

The rates were supposed to be low until 2024...

[@richardbrown9344]

Your govt loves you and has your best interests at heart....but we keep paying them.

[@anitacohen8753]

People have not enough to eat!

[@adiintel1]

Mmm food 😋

[@anonmouse15]

Always get a laugh whenever I see that story, and the person in question is always obese.

[@weeteelabahbyronbay1843]

Yet farmers are in the same boat. We do not make enough from livestock or crops to pay our expenses. So who is making all the money. Practically everyone is being screwed 😢

[@vernonwhite4660]

Then why is Albo importing more people.😊

[@Dailyroach]

Food and fuel have doubled in cost but my pay is the same . Thats the problem . If the price of a basic like a loaf of bread or bottle of milk doubles then obviously my pay needs to double otherwise its going to all fall apart .

[@chrisb3189]

No, because people have to buy staples regardless. People will still be buying foodstuffs even if a loaf of bread is $20...

[@acotrel1]

The Devil likes idle hands. Who destroyed our car industry and it's supply chain, and also closed and sold our defence factories to their developer friends ?

[@chrisb3189]

👃

[@k.vn.k]

Australians will use their savings to offset mortgage. Saving is not a popular term here.

[@dunkodownunder]

Increase the savings interest rate. People are investing in property because of the rate of return.

[@Anthony99]

Because the almighty dollar isn’t actually worth much and it’s becoming worth even less….

[@UziMusic]

Wow James Kirby is really smart..

[@dawndouglas7904]

If you have savings no Albo will be after them.

[@richardbrown9344]

Albo will have no where to hide one day....

[@bennygeorge922]

How high is immigration hope its low Australia uk nz need capped immigration settings

[@allthingstw2566]

Tax paid my migrants is funding your social welfare and domestic students. Contrary to many’s ignorance, many migrants don’t depend on the Doyle but are highly educated and hard working!!!

[@mjmf1430]

Without migrants to do the many low paying jobs that locals do not want to do, cost of living would likely be much higher, so count yourself very lucky.

[@bennygeorge922]

​@mjmf1430 and 98 percent of the immigrants have to be from china or india, which makes Australia ulgy

[@anonmouse15]

Borders might as well be entirely open.

[@dodohateswater]

​@@mjmf1430what? Uber and didi drivers?

[@brianlee6260]

Tax cut, I mean, go big time, would help households, particularly for middle incomers. Currently, middle incomers are paying approximately 25% of their salaries, it would help a lot if tax rate drops down to 15%.

[@MarjjorieDawes]

A lot of people are pretending to be poor to fit in, I know I am. Also you have to buy normal cars now, good ones get KEYED by POVOS

[@egl3369]

I've given up on the idea of ever having kids. Can't afford it

[@KeepItSimpleSailor]

Savings? Yeah, right. Seen the prices of everything lately? And being lectured to by tv personalities on hundreds of thousands of dollars is ridiculous

[@cmnhl1329]

What is an offset account?

[@rexxx777]

An account that's linked to your mortgage that reduces the amount of interest your charged. If you have a mortgage of $100000 and you've got $10000 in your offset account, you'll only be charged interest on $90000.

[@michaelpeterson2024]

I thought those payments were meant to be spent into the economy, not squirreled away into savings.

[@BaileyJames-zv2ddd]

I'm bewildered because I just turned 39 and lost my job. With $425K saved for an early retirement at 50, $10,000 in an HSA, and a property that might bring in an additional $200K in revenue, what passive income opportunities do I have?

[@AlexClarkcompany]

It’s understandable to want a financial advisor at this stage... but perhaps putting off retirement for a little while could be the smarter move

[@BaileyJames-zv2ddd]

I’m confused about whether to combine all my investment accounts into one. If I decide to do this, how should I go about it, and will there be any consequences I should be aware of? I also intend to sell my property, which could add an extra 200K overtime. Should I consolidate everything into one investment account, or diversify across several sectors?

[@LouisMorganxb3]

These are important questions for a financial planner. I connected with mine at a NYSE summit, and with her help, my wife and I reallocated our 1.7M portfolio between a traditional IRA and a brokerage account. She’s been executing trades with our consent and has managed to recoup twice our crisis losses. We’re holding and cautiously navigating the market

[@OscarOwenn]

That is impressive! my portfolio has remained stagnate. Who is guiding you please?

[@LouisMorganxb3]

*Leah Foster Alderman* You can search her online, she’s well known.

[@sl6121]

This must be a skit made for the Project's Christmas Party that was broadcast accidentally.

[@robertcampbell6521]

Remember the low rates Remember the free money Remember people spending like tomorrow would never come well its here and it's time to pay the piper

[@jasonparlett9964]

I don't get savings as a disability recipient. I just don't live beyond my means

[@leonie563]

And yet mortgages are running around refinancing and buying more properties.

[@BurnerAccount3]

It's just a labor economy. What did you expect.

[@Aussie-Titan]

Facts don't enter your thinking do they?

[@brentone4507]

Soverign wealth fund. Dont go after union go after blackrock, state street and vanguard.

[@ЕвгенийТимошенко-е3у]

They will start selling investment property soon, very soon.

[@FlickerNick]

Next??? Robberies, Aggravate Break Ins...its happening at suburbs that used to be very safe.

[@cracknoir8397]

Dar What do you thinks going to happen when everything goes through the roof

[@chrisb3189]

People still have to buy staples like foodstuffs

[@Ride_on54]

I don’t think you would need to put Here’s Why! I think It’s pretty obvious why where running out of savings 🙄

[@garrymcdougall9481]

Wrong. We are experiencing an economic triumph. This Govt has defeated (the Coalition's) inflation- this is the main game. It has also performed a miracle because another million jobs has been created during this time. This month unemployment is down to 3.9%, and sales on Black Friday are UP 7.3% So much for your media pessimism.

[@MrADTNZ]

Housing needs to drop 50%

[@motleywalsh6819]

23 seconds in and ain't that old mate off MAFS lol

[@linalie3224]

At least government needs to increase minimum wage to move that wealth from the greedy to needy

[@vichetkim5533]

Only downfall to that approach is that business can't afford to hire as many workers as they'd like because of this cost. It's fine if the business is profitable, but when the economy is entering a recession, the last thing a business wants is additional cost.

[@linalie3224]

@@vichetkim5533 dont worry, then productivity will decrease as well align with total workers hired. Businesses can always increase prices, but workers are hardly can increase their wages. So if government can increase the wage minimum, at least many can afford to pay their living. Businesses are there not to afford bosses’ livings, but instead to afford bosses’ greed. If they can afford to have a business they should be able to afford to appreciate people’s hardwork. Otherwise just close down

[@vichetkim5533]

@@linalie3224 Using your logic, the smaller business will shut shop but the tax minimizing larger overseas businesses will remain open because their profit margins will grow due to decreased competition. The closure of the car industry has done nothing to reduce the price of new cars (relative to what they were when there was local manufacturing), even though there has always been taxpayer funding going into that industry but that's hardly any different with the discount on new EVs to encourage uptake. That means higher inflation in the long term with fewer choices available which means a lower standard of living.

[@jacobcollins3954]

Read 'the Bitcoin standard' or 'broken money by Lyn Alden' and it all makes sense

[@adiintel1]

Ah most Australians are to lazy and not interested in the current Monterey system. Why would you bring up Austrian school?

[@rafasoares7]

The interviewee: “Running out of savings?!! No problem! Have you considered saving some extra cash? See? Easy!” Genius. Why haven’t we think of that?

[@sc7783]

Ya, such amazing people... making us smile in hard times 😂

[@johnboholst2163]

I thought this was the point having higher interest rates, to get of the covid surplus.

[@kurjan1]

Here’s hoping they put interest rates up so savers can earn more! And before the hate flows, we are living on one income and doing very well thank you very much. People need to stop whining about their own lack of financial education and do something about it!!!

[@tiwiking5146]

Huh...easy to say hard to do with 3 children 😢😢😢

[@alaska1790]

Omg that last guy they interviewed is from MAFS (married at first sight).

[@richardbrown9344]

Cash work is king...

[@sonyacarrall3709]

Maybe not spending, but hoarding cash!

[@publicmelodymusic]

Did he just say ‘Pandemo’

[@Hope-bc9yg]

Wake up !! All by design

[@dustingoldsworthy7303]

Save invest be wealthy. Spend impress be poor.

[@byronnightingale5550]

You ain't seen nothing yet...Nothing.

[@harrypotter506]

Cost of living.

[@lovechineseforeverever2]

NO CHINESE MONEY

[@AngelaVlahos]

a conservatorship is legal.

[@angelachanelhuang1651]

cool

[@barrywalpole7421]

There are only two things that ever come down . Bookmakers prices and occassionally girls pants! Every thing else goes up!

[@josephmadden6333]

lol albo....

[@glenstanley5576]

Let the shoplifting begin

[@bundyboy961]

Makes me feel bad for saving $1000 a week!

[@nitehawk9270]

Don't you made good choices.

[@emerson-lf7ow]

100k SUVs everywhere, owned by people with huge mortgages & 200 bucks in the bank ..and you wonder why ?

[@lominiski]

Too many immigrants from India.

[@bluebagel8084]

It ain't easy living with Albanese 😢

[@myday2704]

Nope he is not at fault, the previous government created the inflation problems through their over the top covid response.

[@trogdortheburninator8149]

It’s not easy under Albanese 😢

[@Tetus7]

Hardly his fault though, this has been decades in the making. And it was the "fiscally responsible" Libs that handed out billions to people (and corporations) during the pandemic.

[@nguyensonkhuong3963]

The art of labor

labor has to go

[@Nathanfarnados]

I used to live in ausi..and every landlord are either chinese or indians...finally i back to Nz and so happy...those asian keep increasing rents and some of houses they put 8 international indian students...australian need to wake up...internationl students keep changing dogy course and getting visa to work in cash..some students stay there more than 10 years sending lots of untaxed money back home country...they take courses later to get PR but they never work in that skill jobs like carpentary, welding, diploma dogy courses..later once they get Pr, they arrange those black untaxed money come back and inflating housing market in australia. No one talk about this.. autralian really need to wake up and stop giving visa and PR to asian, indians, chinese...rather bring more kiwis, germans, swiss people..

[@chrisb3189]

Aka white Australia policy?

[@lovechineseforever9434]

NO CHINESE MONEY

[@Tetus7]

-9999 social credit

[@lovechineseforever9434]

@@Tetus7 NO CHINESE TO SAVE AUSTRALIA THIS RECESSION