October 9th 2024.
According to new research, Australians are facing the tough decision of cutting ties with friends in order to keep up with the continuously rising cost of living. A survey conducted by a comparison website, Finder, revealed that six percent of respondents have already ended friendships due to financial strains. That's equivalent to a staggering 1.25 million people across the country.
The study also found that 16 percent of individuals are reducing the number of people they socialize with, while more than a quarter are cutting back on social activities altogether. This means saying goodbye to hen parties, weddings, and dinners out with friends. Rebecca Pike, a money expert at Finder, expressed her concern about how Australians are finding it more and more challenging to justify spending money on activities that drain their wallets.
Pike acknowledged that it's unfortunate, but some friendships have become categorized as discretionary spending for many Australians. The younger generation, specifically Gen Z and millennials, have been hit the hardest, with 10 percent admitting to cutting off a friend due to the high cost of living. This is in comparison to only two percent of baby boomers who have made the same decision.
Pike pointed out that activities like brunching, partying, and shopping with friends have become more expensive than ever. It can be challenging when your friends are not facing the same financial struggles as you are. However, she suggests being open and honest with them about your financial goals and suggesting free alternatives, such as going for a walk instead of a lavish lunch.
She also warned against going into debt just to keep up with a more expensive social life. Pike emphasized that true friends will understand and respect your choices, and it's crucial to prioritize your financial goals. She encouraged people to put themselves first and not be afraid to say no, especially when it comes to their finances.
As a final note, she reminded everyone to stay updated on the latest news, celebrity gossip, and sports by following their WhatsApp channel. There, they can stay informed without worrying about comments, algorithms, or their private information being seen by others.
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