Australians are postponing significant life events due to rising living costs, according to new research by Finder, Australia’s most visited comparison site.
A survey of 1,071 respondents found that 53% – equivalent to nearly 10 million people – have delayed major milestones because of financial pressure.
The Finder research revealed that more than one in three Australians (37%) have halted holiday plans, while 16% have delayed home upgrades. Other paused milestones include moving out of home (9%), career progression (6%), and starting a family (5%).
“Whether you dream of having a baby, buying a new home, or even just moving out of home for the first time, many plans have been put on hold because the cost of living has added so much financial pressure the last couple of years,” said Sarah Megginson, personal finance expert at Finder. “Many people feel like they’re going backwards financially at the moment."
Megginson noted the widespread impact of increased living costs.
“If you have a home loan, your mortgage is likely to have increased – or if you’ve locked in a great fixed rate, your mortgage will soon soar – and everyday expenses are eating up all our spare cash,” she said. “These big life milestones aren’t cheap, so many are pulling the pin or postponing events until their financial situation improves.”
Finder’s research also showed that 4% of Australians have put off getting married, and 3% have delayed plans to send their children to private school due to economic conditions.
Megginson advised Australians to focus on building their savings while plans are on hold.
“A lot of people feel like they’re starting from scratch – in fact, our research shows that nearly half of Aussies have less than $1,000 in savings,” she said.
Megginson stressed the importance of budgeting to improve financial stability.
“People often hate the idea of sticking to a budget and setting goals and boundaries around money because they think it’s going to be restrictive and hard,” she said.
“In my experience, having a budget is actually the opposite – it gives you the structure of knowing exactly what you can afford, and it’s really motivating to chip away at debt and see your savings grow.”
Megginson suggested making immediate financial changes to free up cash.
“Scour every expense and compare providers to see where you can save,” she said.
“Then put that money in a dedicated account assigned to your life goals or use it to pay down debt if you have credit cards and personal loans to get rid of. You can do it in a way that feels reasonable and doesn’t restrict your everyday enjoyment, so life doesn’t start to feel like it’s all work and no play.”
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