New research from YouGov commissioned by ANZ has shown that 90% of Australians have made adjustments to their spending habits in the last six months.
The most common ways that Australians are making changes include looking for cheaper alternatives when grocery shopping (59%), eating out less (56%), getting fewer takeaways (55%), and shopping for/at cheaper brands (49%).
Making coffees at home instead of buying coffee from a café (37%), taking homemade lunches to work (35%), and delaying holiday plans (33%) are other changes being implemented by people to try and take control of their finances.
The YouGov research, commissioned by ANZ, revealed interesting patterns when it comes to credit card usage, with the most common reasons people cite using a credit card being for emergencies (44%) and to help manage cash flow (36%).
Key research findings:
- Nine in 10 (90%) Australians aged 18-60 are cutting back on their spending, while 48% of Australians have been living on a strict budget in the last six months.
- Without taking into account any fees or charges associated with instalment plans, two in three (66%) Australians aged 18-60 say they would use an instalment plan to repay their credit card purchases.
- A good rewards program was the biggest reason why young users aged 18-34 chose their primary credit card (41%), while a low annual fee was the biggest reason amongst older users.
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