Concerning statistics released by the Salvation Army show financial stress is on the rise among adult Australians.
The study of more than a thousand participants, representing 19 million Australians over the age of 18, found the majority of the population held an overwhelmingly pessimistic view of the economy and housing affordability.
More than half the nation believed the Australia dream of owning a home was over.
Salvation Army officer, Major Paul Moulds, said the housing affordability crisis was having a catastrophic effect amongst the country's most vulnerable communities.
“Two-thirds of people accessing our emergency relief services are living under extreme housing stress,” Major Moulds said.
An aerial view of the Brisbane river and the city of Brisbane. Source: AAP
“With more than half of their income going towards housing, many Australians simply can’t afford to save money."
Mortgage holders were also feeling the pressure; one in three surveyed expressed concerns about their ability to meet mortgage repayments if interest rates rise this year.
Salvation Army Financial Councillor Kristen Hartnett said housing stress was also hitting renters.
"In our cities, and also in our regional and rural areas, rent is high and that's impacting on the discretionary income that people have then to pay for other things," Ms Hartnett said.
The study, commissioned through market research company Roy Morgan, also found more than a quarter of adult Australians feared they either wouldn't have enough reasonably paid work or wouldn't have a job at all this year.
Nearly half of respondents were more worried about their financial situation compared to last year.
"Forty percent of people say their financial situation in affecting their wellbeing, their family life and their social life, “Salvation Army Financial Councillor Kristen Hartnett said.
"People come in [to the Salvation Army] feeling a bit of embarrassment and shame that they're having financial problems and that makes it difficult to reach out for help."
In response to the findings, the Salvation Army encouraged Australians feeling financial pressure to speak up and seek help.
"They think that there's limited options for them, but they're the discussions we can have together and look at the different pathways or decisions they can make for themselves," Ms Hartnett said.
The organisation says it's to address issues of financial hardship.
“We want to come up with solutions based on lived experiences: how people have overcome these challenges, or what support they think they need if they’re currently facing one,” Major Moulds said.
