A new study by the ANZ Bank has found that the rising cost of living is having a substantial impact on how Australians are choosing to spend and save, with seven in 10 curbing their spending.
However, in good news for the struggling travel industry, the study found that 43 per cent said they were putting money aside to travel.
As the country continues to grapple with the rising cost of everyday items, the recent findings suggest most of the population has already started taking action, with 59 per cent cutting down on non-essentials, 34 per cent putting more towards savings and 17 per cent asking for a pay rise.
The Most common ways they have/would try to save money each month is by cooking at home (55 per cent), following a budget (44 per cent), weekly/bulk supermarket shops (44 per cent) and by utilising vouchers and discount offers (41 per cent).
Common ways people have tried to save money include cancelling subscriptions/memberships they don’t use (39 per cent), drinking home-made coffee (38 per cent), socialising at home (33 per cent) and using public transport (21 per cent).
However, the research also revealed a troubling picture for Australians and their money management, with only 26 per cent saying they feel in control of their finances, and 32 per cent specifically citing their inability to stick to a budget.
Key research findings:
- A third (33 per cent) of Australians find it hard to stay on top of their finances, including 1.5 million Australians (10 per cent) that say they don’t feel in control of their money at all.
- While 85 per cent of Australians have savings goals for the next 12 months, two thirds (65 per cent) believe something is holding them back from achieving these goals.
- 2.4 million (19 per cent) say they struggle to keep track of their spending and 1.8 million (14 per cent) say they are not sure where to start in order to achieve their savings goals.
ANZ Plus Coach, Constanza Perez, said: “It’s clear from the research that many Australians are feeling uncertain about how to manage their budget. With tools to help customers make financially healthy choices, ANZ Plus helps people better understand their money and save towards their goals. ANZ Plus coaches, like myself, are also available to provide expert support via in-app messaging.”
