Higher costs of living are forcing Australian consumers to cut down their spending habits, a survey has found.
Higher costs of living have forced Australian consumers to modify their spending behaviour over the past three months, according to new research.
A large number of Australians were starting to feel the pinch associated with rising interest rates, petrol prices, higher food costs and rising rents, the CoreData study found.
Of the 1500 consumers surveyed, 31 per cent have pulled money out of investments, refinanced loans or sold properties.
Almost one-third of Australians have also reduced the amount they are paying on insurance policies or superannuation contributions.
Nearly 60 per cent of Australians are eating or going out less compared to three months ago, the findings revealed.
The rising cost of fuel has forced 57 per cent of consumers to tighten their driving habits, while 55 per cent have cut down their regular household spending such as Internet, energy, phone and pay TV.
Despite earning lower incomes, people under 29 were more reluctant than those in their 40s to modify their spending behaviour, the study found.
However, these younger Australians were more likely to have taken on a part-time job (24 per cent) or work more overtime (18 per cent) to make up for extra expenses associated with higher living costs.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
