Aussies are stepping up to help their loved ones and even strangers during the cost-of-living crisis, according to new research.
Around two in five (39 per cent) Aussies had lent a helping hand to a friend, family member, colleague or even a stranger struggling to keep up, a Finder survey of 1,080 respondents revealed.
That’s equivalent to more than 7.9 million generous individuals who have come to the aid of others.
The research found one in four (27 per cent) bought groceries for someone in need, while one in 10 (9 per cent) covered household bills.
A substantial 8 per cent offered up their house or investment property rent-free, while the same proportion (8 per cent) gave them mates’ rates or performed a service pro-bono.
Finder money expert Sarah Megginson said, as the cost of living continued to soar, many were out of their depth.
“In true Aussie style, many are opening up their hearts and homes to others at a time they need it the most,” Megginson said.
“It’s a heartening act that demonstrates the power of community and the importance of looking out for one another during tough times.
“Young Australians are leading the way as the nation’s most altruistic despite often having lower-paying jobs and less cash in the bank.”
Younger Aussies helping the most
Despite being the second-most financially stressed of all the generations and feeling the least secure in their current job, Gen Z was the most likely to step up and help others around them when they needed it (55 per cent).
This was followed by Gen Y (44 per cent), Gen X (35 per cent), and Baby Boomers (26 per cent).
Megginson said, in addition to helping others, it was also important to focus on your own financial well-being.
“If there’s anything the last few years have taught us, it’s the importance of having a savings buffer to fall back on,” she said,
“Setting clear financial goals is key to saving money – whether it be for a down payment on a house, to pay off credit card debt, or for a rainy day.”