A brand new examine by Finder has revealed almost a 3rd of Australians don’t really feel geared up to make choices about their cash, as inflation hits ranges many have by no means skilled earlier than.
In December 2022, inflation reached 7.8 per cent – its highest since 1990 – solely barely lowering to six.8 per cent in February this yr.
The new information reveals 7 per cent of the nation have “no idea how inflation will affect them and their finances”.
However, there may be one group of Aussies specifically struggling to maintain on prime of choices round cash amid rising inflation.
Rebecca Pike, a cash knowledgeable at Finder, says a major variety of youthful individuals have by no means skilled instances like this earlier than, with almost half of Gen Z (49 per cent) feeling ill-equipped.
There is even a differing opinion in the case of cash functionality between the genders, with 42 per cent of girls feeling underprepared to earn money decisions, in comparison with 22 per cent of males.
Ms Pike says one of the best factor involved Aussies can do is educate themselves on inflation and what it means to them.
“Keep up to date with the latest news and information about what’s happening with inflation in Australia,” she mentioned.
“Setting a budget is particularly important during inflation and can help you identify where to cut back and make adjustments on your spending.
“It’s crucial to consider any financial action you take that could affect your long-term goals. If you’re struggling, consider speaking to a financial advisor, who can provide you with personalised advice.”
Source: www.perthnow.com.au
