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A new report by the Financial Wellbeing Collective (FWC) reveals that high-income households are not immune to the cost-of-living crisis, with an increasing number of families on incomes of $100,000 or more struggling to make ends meet and accessing support agencies for help.
The findings from The Financial Wellbeing in WA Snapshot 2024 are based on the financial wellbeing of 29,000 Western Australians who have sought support from the FWC through its hardship crisis intervention services. These findings provide valuable insights into the experiences of hardship faced by Western Australians.
Although the majority of the FWC’s clients are low-income households, the number of clients with a household income of $100,000 or more seeking help increased 190% over the past four years from 164 to 475. And the number of WA households with $160,000 or more seeking financial support rose from 35 to 75, a 114% increase.
According to FWC General Manager Helena Jakupovic, the “cost of living is making hardship more common. With increases in employed clients, higher income brackets, and mortgage holders reaching out for support - we are experiencing an emergence of working families needing hardship assistance for the first time.”
While the FWC’s snapshot reveals how widespread financial hardship is for Western Australians, the 2024 Anglicare WA Rental Affordability Snapshot (RAS), taken in March, reveals how dire the housing crisis is for Western Australians on low incomes.
Of the 2,989 private rentals available to rent in Western Australia, less than 1% were affordable for a single person on minimum wage, and a couple with two children on income support could only afford 8. Meanwhile, not a single property—even a room—was affordable to someone on Jobseeker or Youth Allowance.
Anglicare WA CEO Mark Glasson said WA’s prosperity was at odds with the grim reality of WA’s rental market.
“We’re the richest state in one of the richest countries in the world,” Mr Glasson said. “It’s time to ensure people have access to safe, secure, and healthy homes that are affordable to rent for people on low incomes”.
Access to safe, secure and affordable housing will be a critical issue defining the upcoming state and federal elections, with the emergence of a new voting block of Millennial and Gen Z voters demanding better renting conditions and access to affordable housing.
To learn more about how Anglicare WA is advocating for cost of living and economic relief and help with ensuring everyone has a home, check out our policy proposals here.
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