Budget Barometer: 61% Of Aussie Households Just Getting By As Prices Soar

Powered by research from Pureprofile that surveyed over 3000 people, Compare the Market’s first-ever Budget Barometer shows that 61 per cent of Australian households are only just getting by as prices soar.
The cost of groceries was the biggest concern for Australians, with two-thirds of those surveyed anxious about their next trip to the supermarket. Despite this however, 45 per cent admitted that they had not shopped around for a better deal when it came to expenses.
The research also revealed that savings and investments are taking a significant hit, with:
· 28.3 per cent of Australians admitting that their savings are going backwards
· Half of all Australians aren’t able to save as much as they usually do as they have to dip into savings to cover everyday costs
· 21.9 per cent of Australians are not budgeting at all
· Nearly 50 per cent of Australians are not investing their money
The plight of families grappling with rising costs has been laid bare in a new report by Compare the Market, showing that 61 per cent of Australian households are only just getting by as prices soar across the board.
Compare the Market’s first-ever ‘Household Budget Barometer’, powered by research from global data and insights company, Pureprofile, boasts extensive international research from more than 3,000 respondents and found that few had been immune to cost of living pressures.
Worryingly, more than a quarter of Aussie adults (26.3 per cent) admit that their savings are going backwards, indicating that they’re chewing into their hard-earned savings to get by.
Compare the Market’s General Manager of Money, Stephen Zeller, said the report held a mirror to a nation dealing with surging inflationary pressures and cash rate rises.
“There has been unprecedented financial change in the last 12 months and unfortunately the turmoil doesn’t look likely to end anytime soon,” Mr Zeller said.
“A $500,000 variable mortgage holder has already seen an extra $1,209 added to their monthly repayments since the RBA started chasing its inflation target in May last year.
“On top of that, we’re expecting electricity price hikes of up to 25 per cent for those on default plans, when the new Default Market Offer and Victorian Default Offer take effect on 1 July.
“With households getting hit at every corner, it’s no surprise 94 per cent say they’ve felt the difference.”
“At the heart of the cost of living issue, is uncertainty. Uncertainty in how consumers will be impacted day-to-day, and how it will affect their future plans. The same goes for businesses that are trying to forecast in a precarious economic time. This is why the information unveiled in the Budget Barometer is so meaningful, as we’re all looking to closely understand evolving consumer needs.” said Pureprofile CEO, Martin Filz.
Pain at the bowser, checkout and power point
The cost of groceries was the biggest concern for Australians, with two-thirds of those surveyed anxious about their trip to the supermarket.
Rising electricity prices are also keeping Aussies up at night, as well as the cost of fuel, but the other big-ticket items varied between generations.
Many Aussies hesitant to reduce the price they pay, despite rising costs.
Despite rising costs, almost half of Australians (45 per cent) said they hadn’t shopped around for a better deal to try and save during the past 12 months.
“A lot of people are spending more than they need to without realising it or wrongly assume that researching alternatives will take too much time,” Zeller said.
“Lower income earners were less likely to shop around for better deals, despite standing to gain more from the process than people with larger paypackets to spend. “What could be small change for some households could make a world of difference for people doing it tough.”
Younger Generations rely heavier on the Bank of Mum and Dad to break the property market
Millennials and Gen Z were more likely to get help from their parents and family to purchase their first home. More than 30 per cent of Gen Z and 26 per cent of Millennials said their family helped contribute to the deposit. Meanwhile, more than 50 per cent of Gen X and Baby Boomers said they had no help from family members whatsoever.
“While each generation has faced different hurdles to homeownership, broad consensus is that young people today have it the hardest as climbing house prices continue to outpace the size of deposits,” Zeller said.
Education crucial to improve hip pocket health
With nearly half of Australians learning money habits from their parents, and a quarter of professing to be “self-taught”, Zeller said improving financial literacy should be made a top priority.
“People without an education in budgeting basics are at a huge disadvantage when living costs rise,” Zeller said.
“We urge people not to be passive when they receive bills and renewal notices, to check and make sure they’re not paying for unnecessary services, fees or add-ons.
“Whether your mortgage repayments are going up, you’ve received a higher-than-expected bill or you want to ensure you’re not paying more than you need to for your insurance or fuel, it’s worth taking time to compare your options.”
For more exclusive insights, read Compare the Market’s Budget Barometer report in full here.
Please login with linkedin to comment
Latest News

The Works Distills “Question Everything” For Archie Rose Distilling Co.
The Works has announced the launch of ‘Question Everything’ a new brand platform and campaign for their newest client, Archie Rose. As a nine-year-old independently owned and operated Australian multi-spirit distillery, Archie Rose has garnered a devoted following among existing customers, with a reputation primarily built on white spirits – particularly gin. However in line […]

farsiight Unveils New Market Positioning Putting Growth for Good Over Growth At All Costs
Brisbane performance agency farsiight has announced the launch of its new market positioning, Growth for Good, in response to a changing business landscape, marking a departure from a “growth at all costs” mentality that has defined the industry in recent years. Agency founders and brother duo, Josh and Ben Somerville, envision Growth for Good as […]

By Land Or By Sea: GoTransit Offers Options Galore For Transit Advertisers In Newcastle
Australia’s largest privately owned transit media supplier, GoTransit Media Group, now offers unprecedented options for transit advertising in Newcastle – on both land and sea following their successful tender to supply interior advertising inside the popular Stockton Ferries. The national transit media company is already well acquainted with the thriving NSW market, having successfully operated […]

‘People First Bank’ Heritage & People’s Choice Bank Unified
Heritage and People’s Choice have launched People First Bank, the new name for positive change in banking Australia’s largest customer-owned bank has unveiled its new brand, announcing that Heritage and People’s Choice will be unified under the new name of People First Bank. Chairman Michael Cameron said the highly anticipated new brand offered a compelling […]

“Cozzie Livs” Announced Macquarie Dictionary 2023 Word Of The Year
We're not sure how many logophiles read B&T, but this one's for you. That's a lover of words, not a lover of logging.

🏆 Hear From The B&T Awards Winners! 🏆
It's the B&T Award winners all in video form! We're putting the slurring down to their excitedness.

Today The Brave’s Hannah Lawson & Kate Idle On What’s Hot & What’s Not In 2024
Planning your own what's hot/what's not for 2024 list? There's some good ones here if plagiarism is on your what's hot.

Cultural Shift For Australians With ‘The Great Slow Down’
Don't ever really go beyond what's asked? Loathed by colleagues? Bone idle, in fact? The 'great slow down' is calling.

L’Oréal Aus & NZ Partner With Great Barrier Reef Foundation, Announcing Large Investments
L’Oréal Groupe Australia and New Zealand have announced one of the largest investments to the Great Barrier Reef Foundation to pioneer new coral restoration efforts in the region. L’Oréal Groupe Australia and New Zealand have announced today a new partnership with the Great Barrier Reef Foundation (GBRF), to help coral reefs withstand the devastating impacts […]

Fast 10: B&T Chats Marketing & The Future With The Marketing Academy’s Sherilyn Shackell
It's B&T's quick 10 with marketing guru Sherilyn Shackell. And, believe it or not, AI not mentioned once.

Hardhat Nabs Magdalina Triantafyllidis From whiteGREY
whiteGREY's Magdalina Triantafyllidis jumps ship to rival Hardhat. Fear not, B&T double checked the spelling.

Media.Monks Names Matthew Godfrey EVP, Head Of Content In APAC
Effective immediately, S4Capital’s operating brand Media.Monks, a digital-first marketing and advertising services company, has appointed Matthew Godfrey to lead its APAC Content practice. With over 15 years of experience leading innovative businesses in the Asia-Pacific region, Godfrey will support a best-in-class senior leadership team across the region as EVP, head of content, APAC. He joins […]

“This Full Moon, It Messes With People” – Kyle Sandilands Storms Off-Air After Clash With Jackie ‘O’ Henderson
Despite a new $200 million contract extension, Kyle still getting away with behaviour that would get anyone else sacked.

Squealing Pig Launches Summer Of Love Campaign At Opening Of New NPL Indoor Pickeball Facility
Still hold on to a perverse dream of sport mega stardom? Perhaps the National Pickleball League could be your ticket?

From Matildas Fever To An Ice-Cold English Cricket Team: These Are B&T’s Biggest Sporting Moments Of 2023
It's B&T's top sporting moments of 2023. Also read - the sporting moments that Australia appeared to do well in.

Monday TV Ratings: Disaster Hits On Semi-Final Of Dessert Masters
Who hasn't suffered their very own dessert disaster? Although it is typically reborn as a tasty trifle.

“A Parody Of A Tone-Deaf Wealthy Person!” Gwyneth Paltrow Slammed For $22,700 Vibrator Stunt
Is Gwyneth mad or just a genius self-promoter? Find out here with this latest bit of genius self-promotion.

How AI Is Empowering Small Businesses With Creative Collaboration
Chandra Sinnathamby, Adobe’s director, digital media B2B strategy & GTM, Asia-Pacific, explains how the tech firm is empowering its small business customers with new AI tools, including its Adobe Firefly tools. In today’s fast-paced digital landscape, small businesses face numerous challenges when it comes to creating captivating content that resonates with their audience. Despite the […]

Chemist Warehouse And Menulog Become Sponsors Of Seven’s Summer Cricket Coverage
Seven unveils its summer cricket line-up. Seemingly far less concerned the Tests won't run the five days.

Cash At First Sight! MAFS Stars Cash In On Sponsorship
They're typically hideous people you'd avoid at all costs, but it appears it's not stopped MAFS contestants cashing in.

Study: Aussie Teens Are Not Actually Selfie-Obsessed
Study finds teens less selfie-obsessed than we thought. Still refusing to eat anything that's not grammable, however.

OMD Crowned Top Global Media Agency By COMvergence
Work for OMD? You can feel suitably chuffed on these numbers. If not, don't rage too hard or you'll get a peptic ulcer.

New Balance Signs Extensive Agreement With Australian Open & United Cup
We're fast approaching tennis season in Australia, but will it be sullied by a dearth of bratty mens players?

Clem’s Hall & Partners Snares Fiftyfive5’s Elodie Myers For National MD Role
Fiftyfive5’s Elodie Myers jumps ship to rival. The sling back recliner and window seat said to have sealed the deal.

Candace Warner, Tom Tilly & Harley Breen Kick Off Summer On Triple M
Summer mornings are heating up with Triple M again in 2023, thanks to the star-studded line-up of Harley Breen, Candice Warner and Tom Tilley, who are joining forces each weekday morning from 6-9 am for Triple M’s Summer Breakfast show. Airing from 4 to 15 December in Sydney, Melbourne, Brisbane, Adelaide and streamed live on […]

Disinformation Regulation Called For After X Kicked Out Of Social Self-Reg Code Following Voice Referendum
Elon counting his blessings for Bud Light that's clearly saved him from the number one spot on 2023's biggest f#ck-ups.

Jimmy & Nath, Hamish & Andy And Seany B Light Up Christmas At Hit Network
The Hit Network has announced its summer line-up for 2023, kicking off on Monday, 4 December, featuring The Jimmy & Nath Show, Hamish & Andy podcast, Nights with Seany B and special return celebrations for Christmas Day and New Year’s Eve. Hit’s cheeky radio duo Jimmy Smith and Nath Roye of The Jimmy & Nath […]

Women’s Weekly Annual Christmas Special To Air On 10, With A Host Of Sponsors In Tow
Is your Christmas a case of VB, a bottle of port & four kilos of king prawns? Take 2023 up a notch with the Weekly.

AFFINITY Launches Worley Rebrand As A Force In Sustainability
Full-service CX, media and advertising agency AFFINITY has completed an 18-month-long global rebranding for ASX-listed engineering powerhouse Worley. The rebrand reflects Worley’s commitment towards being a leading force in sustainable change. Worley, a global provider of professional services in the energy, chemicals and resources sectors working across six continents, has set out on a significant […]

Val Morgan Cinema Surfs To Victory At UnLtd: Big Kahuna
Think there's lots of sharks working in adland? Thankfully, that wasn't the case at the UnLtd: Big Kahuna surfing comp.

Study: 77% Of Aussie Respondents Want To Remove Anonymous Commentary From Industry Sites
Sure, B&T's far from blameless, but we think we all know who the finger of blame's being pointed at here, don't we?

JOLT & Transport For NSW Partner To Introduce Free EV Charging Stations With Digital Advertising Screens
With just eight per cent of cars in Australia electric, these EV charger ads certainly aren't for everyone.

Tourism Tasmania & ARN Invite Aussies To “Come Down For Air” With New Podcast Partnership, Via Starcom
Tourism Tasmania continuing with its "Come Down For Air" campaign. Which is better than "Come Down For Apples".

R.M Williams Unveils “The Mark Of An Icon” Installation To Celebrate Opening Of New George St Store
Highlighting its craft and a world-class shopping experience, Australia’s favourite heritage brand R.M.Williams has announced a consumer competition to celebrate the opening of its new national flagship store at 345 George St. Sydney. Launching on 1 December in line with the new store opening, ‘If The Boot Fits’ invites brand lovers and new customers alike […]

Congratulations To Our Quiz Winner: Sparro & Jack Nimble’s Jake Spaccavento
This $100 BWS voucher giveaway is exactly what ad agency staffers need in the run up to Christmas - more free drinks.

MFA Commits To Expanding E-Learning Program & Launch “Industry Psychosocial Safety Action Plan” At AGM
Miss the MFA's recent AGM? Here's all the highlights sans the cheap red and the slightly cold mini quiches.