17/12/2024
Words by Shreya Vats ✍️
As the country grapples with the cost-of-living crisis, its effects are seeping into every aspect of life, including relationships. Around 5.6 million Australians have faced relationship pressures in the past six months, according to Relationships Australia’s latest findings.
“Our findings show that cost of living is more than just a financial issue—it’s fundamentally reshaping how Australians experience and maintain their relationships,” National Executive Officer Nick Tebbey said.
Rebecca Pike, money expert at Finder, said, “Rising costs are pushing Australians to reassess their priorities, highlighting the economic pressures impacting real relationships.”
Finder’s survey reveals that 80 per cent of Australians are under financial strain, with Gen Z hit the hardest—77 per cent feeling burdened by money worries, followed by 67 per cent of Gen Y.
Additionally, one in five (21 per cent) respondents said they have broken up with a friend or reduced the size of their friend group due to the cost of living.
This financial strain is not only reshaping relationships but also altering spending habits across the country. With the holidays around the corner, Australians are expected to spend $1.6 billion less than last year, according to research from Finder.
This represents an 8 per cent drop in estimated nationwide spending, from $30 billion in 2023 to $28.4 billion this year.
The Salvation Army revealed similarly stark figures. “Nearly 40% of Australians have had to forgo holidays, 24% will not have enough food, and 35.8% will have fewer people over this Christmas due to the cost-of-living crisis,” said Major Bruce Harmer.
“We have never seen the volume and widespread nature of need across the country like we are right now.”
