The average person would have to be nearly $25,000 in debt before they worried that they were in serious financial difficulties. Not until the money owed on credit cards and loans hits $24,708 do people generally fear they face a problem paying money back.
The research also found that people were unprepared for financial emergencies, with 62 per cent saying they would turn to their family for help if they were diagnosed with a serious illness or disability that meant they were unable to work.
A further 15 per cent thought they would be entitled to full or part pay from their employer for at least six months, while three per cent thought they would get financial support from the Government.
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