Yahoo Finance Millions of Aussies not loving life: ‘Downward spiral’
Rising interest rates and inflation aren’t just having an impact on people’s bank accounts.
Aussies have been feeling the pressure from rising interest rates and inflation. And it means many have had little leftover for life’s pleasures.
New research by Finder found financial pressures had caused 59 per cent of Aussies to enjoy life less than they did two years ago.
More women (65 per cent) than men (53 per cent) weren’t able to love life as much, the survey of 1,058 people found.
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But these figures don't directly correlate to happiness. More than three-quarters of Aussies (79 per cent) said they were currently happy, a small drop from three years ago (80 per cent) when Australia was at the start of the pandemic.
Finder money expert Rebecca Pike said rising costs meant Aussies didn’t have as much money to put towards things that sparked joy.
“Aussies are paying a premium for everything, from petrol to pasta, and the rising costs have sent some into a downward spiral,” Pike said.
“The bad news just seems to keep coming for stretched households and there’s less money for finding the right work-life balance.”
Younger Aussies were feeling the pressure the most, with 70 per cent of Gen Z and 68 per cent of Millennials saying their quality of life had taken a hit.
That’s compared to around half of Gen X (53 per cent) and slightly fewer Baby Boomers (44 per cent).
Pike said there were small things Aussies could do to bring a little bit more joy. One example was ‘gamifying’ your savings, she said.
“Make saving money a game by having a ‘no spend month’, or trying to see how far you can stretch $100 at the supermarket can make frugality fun,” she said.
It can also be worth exploring free events and activities in your city, including things like markets, museums and art galleries, walks and hikes.
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