A critical time for many Australians

There’s no doubt about it: the Vibe-cession is here.
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‍In this year’s WeMoney Financial Wellness Survey, we present the hard facts and real stories of how our members are navigating their finances, uncovering critical trends about the cost of living, savings, debt, and their overall financial outlook.

We are committed to helping every Aussie improve their financial health, not just in 2024, but for the years to come.

Read on to learn more.

- Dan Jovevski
Founder & CEO, WeMoney

Methodology

WeMoney, Australia’s leading social financial wellness platform, surveyed 1,317 Australians to understand their thoughts and feelings towards finances, debt, savings, housing, money habits, and the economy. Our research, broken down by demographic cohorts, reveals the ‘hidden insights’ driving everyday attitudes and actions towards money and debt. Key findings include a lack of awareness among consumers about getting the best deals on financial products, especially for lower-income households. Australians are increasingly living paycheque to paycheque, feeling stressed about their finances, and pessimistic about the economy, with many believing we are in a recession.
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We believe Australians deserve better. To address these issues, it's crucial to provide Aussies a better solutions. This will enable better access to tailored financial products, fostering greater competition and transparency. Enhancing financial literacy and support systems can help individuals manage their money more effectively, reduce stress, and build savings. Providing clear and reliable economic information will empower Australians to navigate financial uncertainties, making informed decisions even in challenging economic times.

1,300+ Survey participants
88 video responses
Industry research
AI sentiment analysis
The Vibe-recession is here

QUESTION
Do you think Australia is currently in a recession at the moment?

Yes 59%
No 41%
Ben
28 yo
Victoria
... I still can't really seem to save that much. It is affected by cost of living. Every time I buy groceries, I'm amazed at how much they cost and how little I get.
“Life in 2023 certainly felt recession-like as Australians faced more interest rate hikes, a rising tax bill and a still-increasing cost of living that again outpaced wage growth.”
- ABC, Rachel Pupazzoni Source  Dec 2023
Financial Wellness Report 2024
7
The Vibe-recession is here
I'm constantly checking if I have enough in my outgoing transaction account to pay off all the bills that are coming out of it.
Ben
28 yo
Victoria

QUESTION
How do you expect inflation & prices to change over the next 12 months?

Change in CPI over the twelve months to the March 2024 Quarter
+3.6%
InflationMay 2024 monthly CPI indicator
+3.6%
Financial Wellness Report 2024
8
The Vibe-recession is here

QUESTION
What is your expectation regarding interest rate changes in the next year?

Economic data
Cash Rate since November 2023
4.35%
Survey respondent
30 yo
South Australia
Financial Wellness Report 2024
9