Young Aussies feel the squeeze

Three-quarters of Australians have been negatively impacted by the rising cost of living, with 18-34-year-olds particularly feeling the pinch in recent months.

That’s according to research by strategic insights consultancy Nature, reported in B&T, which highlights how all ages are taking mitigating actions, but the younger age group to an even greater extent.

Why it matters

What’s evident from the research is that a tough economic environment isn’t getting any better. Price and value for money are ever more important considerations for consumers, and brands may need to adjust their positioning accordingly. 

Key stats

• 61% of 18-34-year olds are working additional hours or taking on part-time work compared to 40% of the total population. 
• 57% are using less utilities – 10 percentage points above the total Australian population. 
• 56% are now looking to travel locally or not at all, up from 43% last August.
• 57% are cutting subscriptions and memberships, up from 44% last August.
• 61% are using automatic savings banking software to help them save money, up 15 points since last August.

Key quote

“Things have gone from bad to worse in the past few months. There’s been a drop in living standards, meaning widespread fear among those hit hardest: young people, renters and mortgage holders” – Justin Connally, partner, Nature.

Sourced from B&T