Dark ages: Inflation sucking the life out of Australians
Joy is drying up as fast as cash in the bank, according to new research by Finder.
Finder's Cost of Living Report 2023 found a shocking 59% – equivalent to 11.8 million people – admit they enjoy life less than they did 2 years ago due to financial pressures.
2 years ago, Australia was in the middle of a pandemic and travel was off the cards.
The research found there is a significant generational divide – with cost of living pressures impacting younger Aussies in particular.
A whopping 70% of gen Z, and 68% of millennials, say financial pressures are impacting their quality of life compared to 2 years ago, as opposed to 52% of gen X, and 44% of baby boomers.
Rebecca Pike, money expert at Finder, said the cost of living crisis is putting a lot of pressure on the Aussie lifestyle.
"Aussies are paying a premium for everything from petrol to pasta and the rising costs have sent some into a downward spiral.
"The bad news just seems to keep coming for stretched households and there's less money for finding the right work-life balance."
Pike said there are things Aussies can do to lighten the load.
"Decrease daily expenditure as much as possible and get creative with ways to increase income streams.
"During these next 12 months, try to find enjoyment in saving money instead of spending it.
"Make saving money a game by having a 'no spend month' or try to see how far you can stretch $100 at the supermarket – this can actually make frugality a bit more fun," Pike said.
The research found more women (65%) than men (53%) aren't able to enjoy life as much as they did a couple of years ago before costs started to rise.
| Do you feel you are enjoying life less due to financial pressures right now than you were 2 years ago? | |
|---|---|
| Yes | 59% |
| No | 41% |
| Source: Finder Cost of Living Report 2023 |
Read Finder's Cost of Living Report 2023 here.