the financial struggles of Australians

Recent data from the Fifth Quadrant Consumer Omnibus highlights the significant financial hardships faced by Australians, with 37% struggling to meet household expenses and 10% unable to pay all their bills. Generation X appears to be experiencing the greatest level of hardship.

There is no expectation that the cost-of-living crisis will ease. In fact, 62% of Australians anticipate that things will worsen over the next 12 months. The primary concerns for households are the ongoing increases in the cost of essentials such as energy, groceries, and fuel.

While financial concerns are consistent across different demographic groups, Generation X and Baby Boomers face the broadest range of worries. Younger generations, including Generations Y and Z, are under significant pressure concerning housing and career prospects. Despite these challenges, younger generations tend to be more positive about their financial future.

The financial struggles are not only affecting Australians’ wallets but also their mental well-being. Nearly half the population rates their happiness between 0-6 on the happiness index, indicating a widespread impact on mental health due to financial stress.

In summary, the current economic challenges in Australia are placing significant strain on households across the country. With so many Australians uncertain about their financial position over the next 12 months, it is crucial that Governments and Policymakers work hard to seek solutions as we navigate through a potential recession and increasing unemployment.

Please click here to access the report.

For further details and comprehensive insights, please contact James Organ, Managing Director at Fifth Quadrant (james@fifthquadrant.com.au).