Millions of Australians change lifestyles to cope with rising costs
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Nearly 8 million Australians have made significant lifestyle changes in the past year to manage increasing living expenses, according to new research from Finder.
The comparison site’s survey of 1,062 respondents found that 37% of Australians – equivalent to 7.7 million people – have implemented long-term lifestyle adjustments to cope with rising costs.
Sarah Megginson, personal finance expert at Finder, said many Australians are feeling the financial pinch.
“As rising costs continue to be a burden, Aussies are getting creative with how they manage their budgets,” Ms Megginson said.
The most common change was opting for more affordable transport, with 19% of respondents choosing public transport, walking, or cycling more frequently.
Other significant lifestyle changes included:
- 12% stopping drinking alcohol
- 6% quitting smoking
- 6% downsizing their car
- 6% planning to downsize their home
- 5% relocating to a more affordable area
- 3% renting out spare rooms
Younger generations were more likely to make drastic changes, with 51% of Gen Z and 46% of Gen Y reporting long-term adjustments, compared to 34% of Gen X and 17% of Baby Boomers.
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Ms Megginson urged Australians to re-evaluate their spending and look for areas to cut back.
“Whether it’s finding cheaper alternatives to transport, or looking at your lifestyle spending to see what healthy changes you could make to save money as well, there are plenty of ways to stretch your dollar further,” she said.
She also suggested implementing a ‘no-spend challenge’ for a short period to identify unnecessary expenses.
The research highlights the ongoing impact of inflationary pressures on Australian households, with many forced to make significant lifestyle changes to manage their budgets.
Ms Megginson encouraged those facing severe financial stress to seek help, noting that many government websites offer support for those in financial difficulty.