‘Like lockdown’
Aussies reveal how cost-of-living crisis is hitting household budgets
WHICHEVER way you cut it, Aussie households are under incredible stress at the moment.
While the Reserve Bank last month decided to officially keep interest rates on hold at 4.35 per cent, economists have warned that we are teetering on a “knife’s edge” when it comes to entering a recession, with consumer confidence in the toilet and many (at least those who are lucky enough to have some) dipping into their savings.
Now in a survey conducted by Pepper Money of more than 5000 news.com. au readers, Aussies how they’re coping with the current cost-or-living crisis, with the majority forced to adjust their household budgets More than half of respondents, 59.4 per cent, said they have had to make changes, with 29.7 per cent answering that they had been unable to spend less because everything had become too expensive.
Almost a third (29.4 per cent) of people said they’ve made a big effort to spend less and save more, while 30.4 per cent of survey respondents have been more aware of their spending without making big significant changes.
Only 10.6 per cent of Aussies surveyed said they hadn’t made any changes to their budget as a result of the cost of living crisis.
Groceries and mortgage payments top the list of household expenses.
Natalie, a mother-of-two, says the eye-watering increase in grocery costs has forced her to make changes to the weekly menu.
“I’m now making the kids eggs on toast for dinner at least once a week because I simply refuse to pay any more for groceries,” she says.
“I am already paying through the nose, but nice meals are just another added cost.”
People living ‘like we’re in lockdown all over again’ due to crisis
Morgan, a software developer from Melbourne, says he’s tackled the increase in household costs by choosing to stay home rather than engage in costly entertainment like meals out or other outings.