A “worrying” number of Australians are viewing their tax return as a crucial part of their finances during a cost of living crisis that has one in two decreasing their standard of living.

Video transcript

- New research from "Finder" revealed a worrying number of Australians are viewing their tax return as a crucial part of their finances during a cost-of-living crisis that has one in two people decreasing their standard of living. One in eight Aussies said their tax refund was crucial to staying financially afloat over the next few months. And almost one in four described it as very important to the household budget.

Rebecca Pike, a money expert at "Finder," said the cost of living crisis has triggered an overreliance on tax returns, with many counting on their tax return to address everyday expenses. 49% of Aussies also admit they've had to decrease their living standards in the past few months, including buying fewer groceries and shopping less. "Finders" research revealed 11% have taken on more debt. And 1 in 10 have downsized their property due to affordability issues. The survey of 1,083 Aussies over 18 revealed that 4% had to move back in with their parents. And 3% have rented out a spare room to help with rising costs.