Credit Crunch costs Aussies 36% of personal wealth
Posted June 30th, 2009
Crikey reports that Australians have lost 36% of their wealth as a result of the global financial crisis and it’s impact on the Australian sharemarket.
The Australian Bureaus of Statistics (ABS) made an estimation that combined household wealth was just short of $787 billion dollars at the end of March 2009. This figure is a 36% decrease from household wealth statistics in September 2007 which peaked at $1,246 billion.
The calculations from the ABS used in calculating household wealth include cash, bank deposits, shares and bonds. Financial wealth per household for the same period slid from $159,000 to $98,000 which is the lowest it has ever been in 3 years. The ABS also reported the wealth per person, which changed from $58,900 to $36,200.
Savanth Sebastian, an economist from Commonwealth Securities explain that “It’s a result of the collapsing sharemarket – Australians are more exposed to shares than the citizens of virtually any other country.
These figures flag the importance of Australians being able to better manage their money, as they now have less of it. Credit Card Finder is committed to providing credit card guides and personal finance money saving tips that will help keep our readers money-savvy and watching every penny that leaves their accounts.
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