More than third suffer 'high' anxiety about cost of living
The quarterly survey by the National Australia Bank, which attempts to measure respondents' views on their well-being and anxiety levels across a range of demographics, found that more than a third of Australians say they have "high" anxiety about the cost of living.
At the same time, respondents who resided in rural towns and in the bush, who did not have children, who lived in a two-person household and who were retired were likely to be the least anxious Australians.
The survey results, released on Tuesday, reflect the slowing domestic economy and the reluctance of consumers to spend as they became more anxious about securing their retirement and keeping their jobs, NAB chief economist Alan Oster said.
"Confidence has gone through the roof but actual spending hasn't," Mr Oster said. "We don't see signs yet that the economy has started to accelerate."
The proportion of people who reported being worried about funding their retirement rose from 22.6 per cent in the second quarter of this year to 27 per cent in the September quarter.
More than 35 per cent also reported increased anxiety about job security, echoing the continued softness in the labour market despite the recent fall in the headline unemployment rate from 5.8 per cent to 5.6 per cent.
But Australians reported their overall life satisfaction and happiness levels were unchanged, with more than 57 per cent rating their happiness as high or very high.
The survey, conducted in the lead-up to the September federal election, showed Australians were more optimistic about government policy, with "high" anxiety falling from 36 per cent to 30.9 per cent.
Frequently Asked Questions about this Article…
According to a survey by the National Australia Bank, young men in Tasmania, especially those working full-time and with children, are among the most anxious about the cost of living. This demographic may face unique financial pressures that contribute to their heightened anxiety levels.
The survey highlights that more than a third of Australians experience high anxiety about the cost of living. Contributing factors include concerns about job security, funding retirement, and the overall economic slowdown, which affects consumer spending and confidence.
The survey found that Australians living in rural towns and the bush, particularly those without children and in two-person households, tend to be less anxious about the cost of living. This could be due to a different lifestyle and lower living costs compared to urban areas.
Concerns about funding retirement have increased, with the proportion of worried individuals rising from 22.6% to 27% in the recent quarter. This reflects growing anxiety about financial security in retirement among Australians.
Even though the unemployment rate fell from 5.8% to 5.6%, more than 35% of Australians reported increased anxiety about job security. This suggests that the labor market remains soft, contributing to ongoing concerns about employment stability.
Yes, despite economic concerns, Australians reported stable overall life satisfaction and happiness levels, with over 57% rating their happiness as high or very high. This indicates resilience in personal well-being amidst financial anxieties.
In the lead-up to the September federal election, Australians became more optimistic about government policy, with 'high' anxiety levels dropping from 36% to 30.9%. This suggests that political developments may influence economic perceptions.
While consumer confidence has increased, actual spending has not followed suit. This disconnect indicates that despite feeling more confident, Australians remain cautious about spending, likely due to underlying economic uncertainties.
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