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A new report on how Australians are faring with money has found people regional areas in far more financial distress and have far lower levels of financial literacy raising concerns about regional areas being left behind.
The report, “Mind the Gap: The Divide in Financial Wellness Across Australia”, found there’s a city and country divide with a significant disparity in income levels, education and financial wellbeing.
The research found nearly half of regional Australians report high or overwhelming financial stress and 34% often cannot afford to dine out or go to movies.
The average wellness score of 6.0 in major cities compared to 5.3 in regional areas suggests that city dwellers generally experience a higher level of financial security and stability…