Australians are feeling the most pessimistic about their financial security since March 2006, according to the latest ipac Financial Security Index. The index, which is compiled for ipac by brandmanagement, found that Australians are trying to reduce their debt in preference to spending, with women expressing the highest levels of financial insecurity. Sally Mannion, national head of financial planning at ipac, said there were a range of reasons why so many Australians were feeling financially stressed, including living beyond their means and mortgage stress.
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