Millions of Australians are under immense pressure due to the cost of living crisis, according to new research by Finder.
A Finder survey of 1,096 respondents revealed 3 in 5 (59%) Aussies say they are experiencing financial stress.
That’s equivalent to 11.9 million Australians under financial strain.
It’s significantly worse for women, with 69% admitting they have been feeling the pinch, compared to just 49% of men.
Younger Australians are more likely to be facing money worries, with a whopping 77% of gen Z burdened by their finances, followed by 67% of gen Y.
Rebecca Pike, money expert at Finder, said households are hurting.
“Millions have found themselves in financial difficulty with many people struggling to pay their bills.
“Financial strain can take a devastating toll on your mental health and can impact all areas of your life from your health and relationships to lifestyle.”
More than half of Australians (53%) say they are enjoying life less compared to 12 months ago due to financial pressure.
Women are most disadvantaged with 59% admitting they are enjoying life less than a year ago due to a lack of funds, compared to 48% of men.
Gen Z is the least happy in this respect with 66% claiming they are enjoying life less due to financial pressures compared to a year ago. Just 32% of baby boomers feel this way.
Pike urged Aussies doing it tough to give Finder’s Financial Fitness Challenge a go to help identify areas where they can boost their savings and cut back on expenses.
“Think of the challenge as circuit training for your wallet.
“Figure out the shape of your finances and you’ll potentially be thousands of dollars better off,” Pike said.
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