But the fear runs through all age brackets, with 44 per cent of older Australians aged 65 and over saying the same.
Mortgage holders are worried about being able to make their repayments. (Supplied)In all, 31 per cent of Australian homeowners worry about meeting their mortgage repayments now, even without the prospect of further rate rises.
That's a jump of eight per cent on this time last year.
Three-quarters of homeowners have had to adjust their spending during the rate rises, with that number rising to 86 per cent for people with children under 18 at home.
Meanwhile, half of all mortgage holders don't believe they can cut their spending any further to compensate for further rate rises - increasing to two-thirds of mortgage holders over 65.
And AMP said that even among mortgage holders classified as having a "small safety net" - a savings buffer of three months or less of their mortgage repayments - most had not sought help from their lender.
Almost three quarters (73 per cent) of those mortgage holders had not contacted their lender to ask for a more competitive rate or other support
Revealed: Worst 10 suburbs for mortgage arrears across Australia
Of them, 39 per cent said this was because they believed they'd be able to make ends meet, while 29 per cent didn't believe their lender could help them.
"We encourage homeowners who are worried about meeting repayments to talk to their bank or broker to understand their options, and to utilise the resources and help available through their bank," AMP Bank group executive Sean O'Malley said.
"It's concerning to us that there are a large number of people in the community who are doing it tough who haven't contacted their bank or broker to seek assistance or look for a better rate."
The Reserve Bank of Australia will hand down its decision on interest rates for July tomorrow.
