STORY: Millions of Australians struggling to make loan repayments: gov't report
SHOOTING TIME: June 4, 2024
DATELINE: June 6, 2024
LENGTH: 0:02:15
LOCATION: Canberra
CATEGORY: ECONOMY

SHOTLIST:
1. various of banks in Australia
2. various of street views in Australia
3. various of the Parliament House

STORYLINE:

Millions of Australians have struggled to make debt repayments in the last 12 months, government research has found.
  
The research, which was published by corporate regulator the Australian Securities and Investment Commission (ASIC) on Monday, found that 47 percent of Australian adults with debt -- the equivalent of 5.8 million people -- have struggled to make repayments in the last 12 months.
   
A survey conducted by YouGov on behalf of the ASIC found that cost of living pressures, reduced income, and unexpected expenses were the most common reasons given for financial difficulties.

Thirty percent of respondents to the survey said they would not seek hardship assistance from their bank or lender despite being entitled to do so under Australian law.
   
Forty-two percent said they would sell belongings or assets before applying for hardship assistance and 40 percent said they would get a second job before seeking assistance.

"For many Australians, the path to seeking help feels daunting, confusing, and challenging. It is concerning that people would rather sell their personal belongings or get a second job rather than seek financial hardship assistance," ASIC Commissioner Alan Kirkland said in a media release.
   
Among respondents to the survey facing financial hardship, 96 percent said they experienced negative side effects, most commonly stress or anxiety, loss of sleep or a decline in physical health.

Anxiety and stress caused by hardship was the leading emotional barrier to accessing assistance, the ASIC report said, followed by feeling shame or embarrassment and feelings of failure.

Xinhua News Agency correspondents reporting from Canberra.
(XHTV)