Are your friends leaving you behind? Find out why one in four Australians are cutting ties!
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Recently, the phrase 'tightening the belt' has become a new meaning for many Australians.
With the cost of living reaching new heights, it's not just the luxury items that are being reconsidered, but also the very fabric of our social lives.
The latest findings are a stark reminder of the impact financial pressures can have on personal relationships.
A study from Finder has revealed that nearly 4.4 million Australians are scaling back their social circles in an attempt to manage their finances more effectively.
This means that one in four Aussies are re-evaluating their friendships, with some even going as far as cutting ties completely to cope with the economic strain.
The cost of living crisis is forcing individuals to sacrifice more than just the occasional indulgence. For many, the joy of catching up with friends for a movie or a meal out is becoming a rarity.
As the price of everyday essentials like groceries and utilities continues to climb, discretionary spending on social activities is increasingly seen as an unaffordable luxury.
According to the study, 16 per cent of Australians have started to decline invitations to social events, while a significant 6 per cent are opting to distance themselves from friends to avoid the associated costs.
This trend is particularly pronounced among younger generations, with 10 per cent of Generation Z and millennials reassessing their friendships in light of financial pressures compared to 2 per cent of baby boomers.
Rebecca Pike, a money expert at Finder, highlights the challenging nature of this situation.
‘As bills, mortgages, and groceries soar, many are finding it increasingly difficult to justify discretionary spending like nights out or expensive hobbies,’ she said.
‘Unfortunately, for some, social activities have become a luxury they can no longer afford.’
The impact is felt across all types of social gatherings, from the big celebrations like weddings and hen's parties to the more casual brunches and shopping trips.
The cost of participating in these events is becoming prohibitive for many, leading to a decline in their frequency.
‘It can be challenging when your friends seem less affected by the rising cost of living,’ Pike said.
She suggested Australians who are struggling to keep up financially open up to their friends and be honest about their financial situation.
‘Don’t go into debt to afford social occasions,’ she said. ‘Real friends will support your choices and respect your boundaries.’
Have you found creative ways to stay connected with friends without overspending? Share your experiences and tips in the comments below!
With the cost of living reaching new heights, it's not just the luxury items that are being reconsidered, but also the very fabric of our social lives.
The latest findings are a stark reminder of the impact financial pressures can have on personal relationships.
A study from Finder has revealed that nearly 4.4 million Australians are scaling back their social circles in an attempt to manage their finances more effectively.
This means that one in four Aussies are re-evaluating their friendships, with some even going as far as cutting ties completely to cope with the economic strain.
A survey revealed that Aussies are cutting ties with their social circles due to rising costs. Credit: Unsplash
The cost of living crisis is forcing individuals to sacrifice more than just the occasional indulgence. For many, the joy of catching up with friends for a movie or a meal out is becoming a rarity.
As the price of everyday essentials like groceries and utilities continues to climb, discretionary spending on social activities is increasingly seen as an unaffordable luxury.
According to the study, 16 per cent of Australians have started to decline invitations to social events, while a significant 6 per cent are opting to distance themselves from friends to avoid the associated costs.
This trend is particularly pronounced among younger generations, with 10 per cent of Generation Z and millennials reassessing their friendships in light of financial pressures compared to 2 per cent of baby boomers.
Rebecca Pike, a money expert at Finder, highlights the challenging nature of this situation.
‘As bills, mortgages, and groceries soar, many are finding it increasingly difficult to justify discretionary spending like nights out or expensive hobbies,’ she said.
‘Unfortunately, for some, social activities have become a luxury they can no longer afford.’
The impact is felt across all types of social gatherings, from the big celebrations like weddings and hen's parties to the more casual brunches and shopping trips.
The cost of participating in these events is becoming prohibitive for many, leading to a decline in their frequency.
‘It can be challenging when your friends seem less affected by the rising cost of living,’ Pike said.
She suggested Australians who are struggling to keep up financially open up to their friends and be honest about their financial situation.
‘Don’t go into debt to afford social occasions,’ she said. ‘Real friends will support your choices and respect your boundaries.’
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