ASIC’s Moneysmart has revealed new nationwide study showing that 5.8 million Australian adults, or 47% of those with debt, have had difficulty making their mortgage payments during the past 12 months.
Surprisingly, the study found that only one in five respondents had ever asked for financial hardship support, and more than half of those questioned claimed they were unaware they could ask their bank or lender for help. Additionally, about 30% of respondents said they would sell assets or take on a second job in instead of contacting their bank to request hardship assistance from them.