A new study by Finder has revealed nearly a third of Australians don’t feel equipped to make decisions about their money, as inflation hits levels many have never experienced before.
In December 2022, inflation reached 7.8 per cent – its highest since 1990 – only slightly decreasing to 6.8 per cent in February this year.
The new data shows 7 per cent of the country have “no idea how inflation will affect them and their finances”.
However, there is one group of Aussies in particular struggling to keep on top of decisions around money amid rising inflation.
Rebecca Pike, a money expert at Finder, says a significant number of younger people have never experienced times like this before, with nearly half of Gen Z (49 per cent) feeling ill-equipped.
There is even a differing opinion when it comes to money capability between the genders, with 42 per cent of women feeling underprepared to make money choices, compared to 22 per cent of men.
Ms Pike says the best thing concerned Aussies can do is educate themselves on inflation and what it means to them.
“Keep up to date with the latest news and information about what’s happening with inflation in Australia,” she said.
“Setting a budget is particularly important during inflation and can help you identify where to cut back and make adjustments on your spending.
“It’s crucial to consider any financial action you take that could affect your long-term goals. If you’re struggling, consider speaking to a financial advisor, who can provide you with personalised advice.”
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