The Salvation Army has urged Australians to reassess their finances at the start of 2025, with new research revealing concerning trends in financial literacy and debt.
According to the research, almost half of all Australians (46 per cent) are beginning the year in debt and 3.2 million (15 per cent) do not understand how interest works. Additionally, almost one in three (30 per cent) are unable to create a budget for themselves.
These findings come after an expensive Christmas and holiday season for many Australians, with over 34 per cent of people using credit cards and 17 per cent relying on buy now, pay later schemes to fund their celebrations.
Shockingly, 6.3 per cent borrowed money and 8.9 per cent sold…
