According to a new ANZ Bank report, the growing cost of living significantly impacts how Australians choose to spend and save, with seven out of ten reducing their expenditure.
In positive news for the ailing travel industry, the study discovered that 43% were saving money to travel.
As the country grapples with the rising cost of everyday products, recent data indicate that the majority of the public has already begun to take action, with 59% cutting back on non-essentials, 34% increasing their savings, and 17% requesting a salary raise.
Cooking at home (55%) is the most common way they have/would try to save money each month, followed by sticking to a budget (44%), weekly/bulk grocery shopping (44%), and using vouchers and discounts offers (44%). (41 per cent).
People have tried to save money in a variety of ways, including cancelling subscriptions/memberships they no longer use (39%), drinking homemade coffee (38%), socialising at home (33%), and taking public transportation (21 per cent).
However, the study also revealed a concerning picture for Australians and their financial management, with only 26% stating they feel in charge of their finances and 32% particularly highlighting their failure to keep to a budget.
Other key findings show that A third, 33% of Australians find it hard to stay on top of their finances, including 1.5 million Australians, 10% that say they don’t feel in control of their money.
While 85% of Australians have savings goals for the next 12 months, two-thirds, 65% believe something is holding them back from achieving these goals, whilst 2.4 million, 19%, say they struggle to keep track of their spending, and 1.8 million 14% say they are not sure where to start to achieve their savings go.