Lumped with debt

Media Coverage: Channel 10, 19 Septmeber 2011

A third of Australians who are part of Generation X – those aged from 30 to 50 - say they don’t have enough money to last more than two months if they lost their job.

Interviewed on last night’s 6.30 with George Negus, Mission Australia’s General Manager Social Advocacy and Public Affairs Eleri Morgan-Thomas said there was a false sense of security that came from the prosperous years where people thought everything was going to be really good.

Ms Morgan-Thomas recommends that people be wary of debt and offers advice on how to deal with financial problems.

Watch the ‘Lumped with debt’ video

Related coverage: 

The Sydney Morning Herald - Sydney housing supply in ‘dire trouble’

It takes more than eight times the average annual income to buy an average Sydney home, according to a report by a housing action group, Australians for Affordable Housing (AAH).
Made up of 60 community and housing groups, AAH launched the report yesterday as part of a push to make housing more affordable.

The group is concerned that increased prices cause first-time buyers to stay in the rental market for longer, competing for properties and pushing up rental prices.

Since 2005, rents in Australian cities have risen at twice the rate of inflation, according to the report. It also found that 50 per cent of low-income home owners are in mortgage stress.

Read more in the Domain section of The Sydney Morning Herald.