Almost half of Australians (46%) are starting 2025 in debt, with new Salvation Army research also revealing that 30% can’t create a budget and 3.2 million (15%) don’t understand how interest works.
“The start of the year is the perfect time to take a fresh look at your finances,” says Kristen Hartnett, Head of The Salvation Army’s Moneycare.
“Our research shows that people are really struggling… many find themselves in crippling debt or financial distress.”
Buy now, pay later schemes are now the most common form of debt among those seeking Moneycare’s support, overtaking credit cards.
“Many Australians do not view buy now, pay later products as a form of debt. It can lead to a rapid and crippling cycle of debt,” Ms Hartnett warns.
The Salvos’ free and confidential Moneycare service offers tools, resources, and expert counsellors to help Aussies get back on track.
“We also want people to know they are not alone. Seek help early and reach out to Moneycare today,” Ms Hartnett adds.
If you or someone you know needs support from The Salvation Army’s Moneycare service, please visit salvationarmy.org.au/moneycare or call 1800 722 363.
