According to news.com.au, destitute Australians are leaving themselves vulnerable by having no savings at all.
news.com.au explains that one in seven Australians - or the equivalent to 2.6 million people - are in severe or high financial stress and have no cash stashed for a rainy day.
The new annual Financial Resilience in Australia report released by the Centre for Social Impact in partnership with National Australia Bank, revealed the worrying problem based on Roy Morgan Research data.
The news site quotes the comments from NAB chief executive officer Andrew Thorburn that the cost of living is a real concern for many Australians households so when they are hit with an unexpected bill it can be difficult to bounce back.
The report also found that just 31 per cent of Australians feel financially secure - a five per cent decline on the previous year.
According to the site, Good Shepherd Microfinance in partnership with NAB offers no-interest loans of up to $1500 to Australians on low incomes for the purchase of essential household goods and services.
