The majority of Australians are struggling to save, with more than half of all households not having any cash left over at the end of the month.
Less than half or 43 per cent of Australians are breaking even, ten per cent are spending more than they earn by drawing on savings, loans and home equity and 53 per cent don't have any cash left after paying their monthly bills.
The ME bank survey found the greatest financial worry of households with low financial comfort levels was lack of a savings buffer, living costs and making ends meet.
The greatest worry of households reporting high financial comfort was maintaining their lifestyle in retirement.
Retirees and couples with older children had the highest levels of financial comfort with single parents feeling the greatest pinch.
Stresses around savings and income were linked to job security fears.
People with full-time jobs reported higher comfort levels with casual, part-time and self-employed workers surveyed reporting the lowest levels of comfort.
Overall Australians were slightly more comfortable with their financial situation in June this year than October last year when the first survey was conducted.
The findings are from a survey of 1475 adult Australians who rated their household financial comfort on a scale of zero to ten in October 2011 and June 2012 across eleven measures.