By now, many of you may have heard of the good news that the economy has slightly recovered from the global financial crisis last year. However, the positive effects of this have not been felt by Australians as many are still facing financial hardships up until now.

A new survey by BankWest for its second yearly Financial Fitness Index report showed that 28 percent of Australians continue to experience financially instability. By this, it means people continue depend on their debt and have little or even no savings at all. Some don’t have an insurance coverage and are facing high housing costs.

Of the 833 people respondents that took part in the online survey conducted by BankWest, nearly one third or 34 percent of women in Australia and 25 percent of men belong to the financially unfit category. These figures are higher by six percent compared to last year’s 22 percent when the global crisis was greatly felt in most parts of the world.

What’s surprising in this research is the women being found to be more financially unstable than the men.  There are several reasons that can be attributed to this.

Firstly, women are often given the tasks by their husbands to manage the family’s budget. This is no easy work but sometimes, due to financial difficulties encountered by the family, there’s a possibility that women will become hard up as well. Those separated or divorced and without work are in a much difficult financial situation as they rely mostly on the support of their former spouse.

Secondly, not all women or specifically the wives are employed which makes them vulnerable to accumulate debts at some points in their lives. And if ever they have work, their income normally serves only to supplement that of their husband’s.

The BankWest survey further found that in 2009, majority of people across Australia regardless of age groups experienced financial difficulty in terms of finances. The findings also showed that only about half of the respondents were able to manage their budget well as proof of their moderate savings, average housing costs, some insurance and moderate levels of debt.

Most of the people found to be financially fit are in the western part of Australia. Some 36 percent of residents in this area belong to the financially fit category. Additionally, the seniors and retirees aged 64 and beyond are in the same category with 35 percent of them and only 15 percent in the negative.

Analyzing this situation, most people that fall in the unfit are those that frequently use their credit cards and have accumulated large debts through the years. Those with several outstanding loans are guilty as well. It has been reported several times recently that using the plastic entails a high cost because of the different and sometimes hidden charges involved.

Financial advisors often recommend to those who prefer a debt consolidation program to focus on utilizing a single loan in repaying their debts. Taking out a cash advance or payday loan is an affordable alternative and available to employed people over the age of 18 and with a current bank account.