Episode Details

In this week's Finance News Wrap, Paige Estritori discusses the rising mortgage crisis and the transition towards a cashless society in Australia. A study from Finder reveals distressing financial strain on over 1.4 million families due to increasing housing costs and mortgage stress. This has led to an average owner-occupier loan of over $634,000, a rise by 9.3% in a year. Economic hardships have forced approximately 13% of households to miss payments within the last six months. The cashless revolution, driven by technological advancements, is also altering traditionally cash-reliant professions. Cash transactions are dwindling as individuals and businesses opt for the convenience of electronic payments, pointing towards a future where ATMs might become obsolete. Stay aware of these financial trends with Weekly Finance News Wrap, hosted by Paige Estritori.n