KEY POINTS:
SYDNEY - Almost half of all Australians have no insurance and close to a third are worried about their financial future, a new survey across the Tasman reveals.
The Citibank research also showed little more than one-fifth of the Aussie population had enough savings to sustain them beyond three months if they lost a job.
Citibank's sales and wealth management head, Cameron McLeod, said Australians needed greater saving discipline.
"Figure out where your 'financial weaknesses' are -- whether it's an inability to control your debts, failure to stick to a savings plan, or failure to make your money work harder for you," he said.
"I'd urge Aussies not to bury their heads in the sand, but to make 2008 the year to get ahead."
The survey of 400 Australian adults by CXC Research found 48 per cent of respondents had no insurance, 29 per cent were worried about their financial future and 22 per cent rarely set aside money when paid.
The research also found 19 per cent of Australians would last only one week on their current savings if they lost their job, 45 per cent would last up to four weeks and only 23 per cent could last more than three months.
Starting a budget, and sticking to it, was the best means of confronting financial insecurity, Mr McLeod said.
"You can't control your cash flow if you don't monitor where your cash is going.
"A budget is the best way to minimise expenditure on items you don't need which can be put towards paying down debt or saving for a rainy day," he said.
Mr McLeod said the figures on insurance were staggering.
"Life is unpredictable. You never know what could happen to your job, home or possessions and the only way to protect yourself is to get an adequate level of insurance," he said.
- AAP
