Every day on the news, TV, on the train, buses and on the street everybody is talking about the rising cost of living. Families have stopped spending…the amount needed to ease living costs is not enough and much more…
Do you experience that some weeks feel longer than others? You may feel a little stressed, but things seem normal, so you’re not too sure why you feel that way. It may seem that everything’s just plodding along nicely. Nothing really changes week to week…including your wages.
This could all be due to the rising cost of living. While wages have remained stagnant, inflation has not. And that means many families are paying more to live.
Rising energy costs, childcare costs and fuel prices have hit Australians hard.
And according to the Australian Bureau of Statistics (ABS), it doesn’t matter whether you’re retired, living on a pension or have a wage/salary, the cost of living is affecting all Australians.
The money morning news editor quoted the UNSW Business School’s Professor Kristy Muir, chief of the Centre for Social Impact, as reported by the ABC, says:
‘Housing has gone up, whether you’re paying rent or whether you’re paying mortgages.
‘They’re really struggling with their housing repayments, they’re struggling with their living expenses, and they’re struggling to basically meet debts and to cover the general costs of living’.
While it’s widely assumed that those who live off a salary and wage will generally be OK, that’s not always the case. As Muir continues:
‘One in three people who are living in poverty actually have wages, so we have challenges not just about how we make sure people have jobs, but we also want people to have stable jobs…
‘We want them to have jobs that are secure, and we need them to be able to get the amount of hours to be able to work to cover their living costs.’
As we’ve seen with the current decline in retail spending by consumers, ABS figures showed that there was a 0.5% decline in spending during the Christmas period.
Plus, there’s been an increase in financial hardship, according to NAB chief economist Alan Oster:
‘Looking beyond financial concern to actual hardship, more consumers faced some form of financial stress or hardship during the quarter, and once again being unable to pay a bill (particularly utilities) caused the most stress.’
According to the NAB survey, the median amount Australians believe is needed extra per week is $207. Or $10,764 a year.
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