A recent survey by Canstar has revealed that the average personal debt for Australians reaching $15,200 has surged by $6,200, primarily driven by credit card debt, buy now pay later schemes, and HECS/HELP loans. Conducted among over 2,000 participants, the study found that 42% admitted to missing at least one repayment. Credit card debt emerged as the most significant financial stressor across age groups, followed by buy now pay later debts and HECS/HELP obligations.
Notably, Gen Z experienced the steepest increase in debt, showing a staggering 111% rise compared to the previous year, averaging around $23,900 as they head into the festive season. Meanwhile, Baby Boomers reported the lowest average debt, standing at $7,200.
These findings highlight the growing pressures of personal debt on Australians, underscoring the need for effective financial management strategies.