Young Australians hit hardest by cost-of-living crunch, new study reveals
Younger Australians have been the hardest hit by the cost-of-living crunch, a new survey has revealed.
Research by Finder measuring cost-of-living impacts found at least 77 per cent of Australia's Generation Z were facing money worries.
It was found that adults aged 18 to 26-years-old were the biggest demographic to pull back on spending due to economic stress, compared to any other age group in the country.
READ MORE: Record-breaking heatwave sweeps across Australia's south-east
Adult woman female hand pulling out Australian money from a leather wallet. Getty Images/iStockphoto
More broadly, about 59 per cent of Australians have been revealed to be experiencing financial stress, that's equivalent to 11.9 million people.
It's significantly worse for women, with 69 per cent admitting they have been feeling the pinch, compared to just 49 per cent of men.
Finder money expert Rebecca Pike said households across the country were hurting.
"Millions have found themselves in financial difficulty with many people struggling to pay their bills," she said.
"Financial strain can take a devastating toll on your mental health and can impact all areas of your life from your health and relationships to lifestyle."
READ MORE: Kate picture recalled by international agencies over 'manipulation' claims
The data revealed that Gen Z was the least happy with 66 per cent claiming they are enjoying life less due to financial pressures compared to a year ago.
About 59 per cent of women feel this way.
Share a tip-off, video or photo with us
