New ANZ research shows that the rising cost of living is substantially impacting how Australians choose 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% cutting down on non-essentials, 34% putting more towards savings and 17% asking for a pay rise.
However, the research also revealed a troubling picture for Australians and their money management, with only 26% saying they feel in control of their finances and 32% specifically citing their inability to stick to a budget. The research was conducted in line with the launch of ANZ Plus.
ANZ Plus is a modern transaction account ANZ Plus with a linked multi-goal savings account, ANZ Save and a new banking app built on a new platform to give Australians more visibility and control of their money. Key research findings A third, 33% of Australians find it hard to stay on top of their finances, including 1.5 million Australians, 10% who say they don’t feel in control of their money.
While 85% of Australians have savings goals for the next 12 months, two-thirds of 65% believe something is holding them back from achieving these goals. 2.4 million, 19% say they struggle to keep track of their spending, and 1.8 million, 14% say they are not sure where to start to achieve their savings goals.
ANZ Plus Coach Constanza Perez said it is clear from the research that many Australians feel uncertain about managing their budget.
Written by: Jill Walsh
