The payments aim to support seniors, pensioners and carers. Picture: iStock
The payments aim to support seniors, pensioners and carers. Picture: iStock

Why you’re feeling the financial pinch

Last year's sledgehammer to the global economy on the back of the pandemic has shifted the Aussie mindset of spending to savings mode.

But while a lot of us have knuckled down to save as we stayed at home more, being able to save money is still one of the biggest household worries, especially with rising costs.

Prices for everyday household items, including groceries, jumped around last year, adding more pressure on those facing a tough time.

The latest Australian Bureau of Statistics consumer price index (CPI) for December revealed that the cost of fruit rose 3.4 per cent in the last three months of 2020, while beef surged 3 per cent as export demand increased.

The overall cost of food and non-alcoholic beverages rose by more than 2 per cent over the past year as demand increased during the pandemic.

Consumer prices rose by almost 1 per cent even though we were in the midst of a recession and many people lost jobs.

Though the economy is beginning to recover from a rollercoaster brought on by the pandemic, we're still seeing fluctuations in our everyday costs.

That's why the news.com.au Cost of Living survey is so important. It gives Australians the opportunity to share how they are juggling day-to-day bills with long-term financial goals like saving for a house or putting extra cash into superannuation.

Let us know how tough are you doing it right now, how much extra would you need each week to feel financially comfortable and what are the upcoming expenses that worry you most.

 

 

While the Reserve Bank has slashed interest rates to the lowest on record in response to the coronavirus pandemic, there is still plenty of uncertainty around the Australian economy.

House prices have also gone up, even though the Government is trying to support Australians with incentives such as the HomeBuilder grant.

A big percentage of the Australian population has been relying on government support in the form of JobSeeker and JobKeeper as many Aussies lost their jobs due to COVID-19.

Industries have faced massive shake-ups, with COVID-19 causing the loss of around 17,300 university jobs alone and hospitality and tourism have been hit hard by lockdowns and border restrictions.

The latest figures from the ABS showed Australia's unemployment rate is at 6.6 per cent, and was as high as 7 per cent in October 2020.

With all this in mind, we want to hear from news.com.au readers about how they are coping amid the economic turmoil that we are still experiencing in 2021.

Now in its fifth year, the Cost of Living survey is designed to find out the pain points when it comes to balancing your family's budget - and what we can do about it.

We want to know about your biggest money worries, your saving goals, how you're cutting costs, how you're feeling about your own financial position as well as the wider economy and everything in between.

And the best part is you can be in the running to win one of four gift cards worth $500 just by completing the survey.

 

Originally published as Why you're feeling the financial pinch


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