Cost of living weighs on minds of many Aussies
A recent report has revealed that Australians are worried about the rising cost of living in our country – two thirds of us, to be exact.
Consumer researcher, Choice, released their Consumer Pulse Report, and the results are worrying. Sixty-five per cent of Australians reported having to make financial sacrifices due to growing pressure and a whopping 85 per cent reported that their household expenses and bills had increased since the last year.
The report also reveals more dismal information, including that two in every three Australians are worried about their savings, nearly half of us are worried about our level of debt, and 50 per cent are concerned about rates of interest.
To cope with the growing financial demands, a considerable number of Australians have to make difficult choices, with 19 per cent admitting to missing a bill payment intentionally and 8 per cent missing a mortgage or rent payment.
Of all of the concerns, Australians seemed to be most worried about the rising cost of electricity, with 81 per cent weighing in accordingly. Our concerns are valid, as over the course of only six years, electricity prices have increased by an overwhelming 80 per cent. Luckily, within the last quarter of 2015, electricity prices dropped by 3.8 per cent, but that isn’t exactly enough to compensate for less recent rises and increased household bills.
Related links:
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5 tips for spending less at the supermarket