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The rising cost of living has impacted 9/10 Aussies already

Experienced financial adviser and equality advocate Jessica Brady launches online financial literacy course, the Greenhouse, to help improve financial literacy for young people and confidence to close the generational wealth gap.

According to research commissioned by Jess, money is still seen as a taboo topic for Australians.

Lead findings:

Only one in seven (13%) Aussie adults learnt that money is a topic that should be talked about openly.

  • Nearly nine in 10 Aussies admit that the rising cost of living has impacted them. Of those, four in ten say that they’ve had to cut back on travelling/holidays (42%) or are feeling stressed (40%), while a third (33%) admit that they’ve had to cut out things they would’ve once considered essential needs (33%).
  • Women are more likely to have cut back on experiences and dining and are more likely to report feeling stressed by the impact of inflation (46% compared to 34%) yet men are more likely to have needed to sell an asset or go into a financial hardship arrangement with their lender or bank (16% compared to 6%).
  • Gen Z (59%) are more likely than their Gen X (45%) and Baby Boomer (42%) counterparts to say that the rising cost of living has had a negative impact on their mental health.

“It’s clear younger Australians are feeling the impact of the rising cost of living and are cutting back. Supposedly the wealth that was accrued during COVID was not shared by millennials or Gen Z. Given the rise in stress and impact to their financial goals, there has never been a better time to learn how to use your money wisely and build wealth for the long term,” said Jess.

Demystifying finances and engaging in a more transparent conversation is critical to closing the generational wealth gap, but also the gender gap. According to the research nearly three in five (58%) Aussies have invested their money in their own name, yet investing is still seen as a male dominated arena.

  • Men are more likely than women to have invested their money in their own name (71% compared to 47%).
  • Married/partnered Aussies are more likely than those who are not to have invested their money in their own name (63% compared to 52%).
  • Those with a low household income are least likely to have invested their money in their own name (<$50K: 45% compared to $50K-$99K: 62%, $100K-$149K: 70% and $150K+: 76%).
  • Gen Z are less likely than Millennials and Gen X to have invested their money in their own name (48% compared to 65% and 62% respectively).
  • Men are more optimistic about global and domestic markets in the year ahead with 48% believing the Australian market will grow this year (compared to 31%) and 44% of men believe the global economy will grow in 2023 (compared to 24% of women).

Getting comfortable with being uncomfortable

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Younger Australians discomfort when speaking about money is also impacting their relationships. The research found that Millennials and Gen X are more likely than Baby Boomers to say that they are not comfortable having conversations about money with their partner (51% and 42% respectively, compared to 23%).

  • Four in five (80%) Aussies agree that financial issues are a leading cause of relationship breakdowns, including one in three (33%) who strongly agree.
  • Women are more likely than men to say that managing their finances as a result of the rising cost of living has negatively impacted their relationships (36% compared to 23%).
  • Those who identify as being part of the LGBTIQ+ community are more likely than those who don’t to say that they are not comfortable having conversations about money with their partner (58% compared to 36%).
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