New-release ANZ research shows 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.
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 percent cutting down on non-essentials, 34 percent putting more towards savings and 17 percent asking for a pay rise.
However, the research also revealed a troubling picture for Australians and their money management, with only 26 percent saying they feel in control of their finances, and 32 percent specifically citing their inability to stick to a budget.
The research was conducted in line with the launch of ANZ Plus, a modern transaction account (ANZ Plus) with a linked multi-goal savings account (ANZ Save) and a new banking app, all built on a new platform, to give Australians more visibility and control of their money.
Key research findings:
A third (33 percent) of Australians find it hard to stay on top of their finances, including 1.5 million Australians (10 percent) that say they don’t feel in control of their money at all.
While 85 percent of Australians have savings goals for the next 12 months, two thirds (65 percent) believe something is holding them back from achieving these goals.
2.4 million (19 percent) say they struggle to keep track of their spending and 1.8 million (14 percent) say they are not sure where to start in order to achieve their savings goals.
ANZ Plus Coach, Constanza Perez, said it was clear from the research that many Australians are feeling uncertain about how to manage their budget.
The survey was conducted by YouGov on behalf of ANZ PLUS. In the process, 1,064 people in Australia aged 18 to 60-years-old answered questions online between July 1 – 4, 2022. Following the completion of interviewing, the data was weighted to be representative of the broader Australian population aged 18-60.
Mike Parker-Brown is a UK-trained and qualified journalist and an award-winning travel communicator with more than 30 years experience.
Since 2002, Mike has worked as a freelance writer and PR consultant providing his services to major organisations in Australia and internationally in the tourism, aviation, hospitality, recruitment and export marketing sectors.