New spending data reveals that young people are reducing their spending on essentials due to rising interest rates and rental pressures, while older Australians are increasing their spending on non-essential goods and services. The report from Commbank iQ highlights distinct trends by age and geography.
Young people are continuing to bear the brunt of rising interest rates and rental pressures , while older Australians are splashing out on cruises and dining out, new spending data indicates. The report from Commbank iQ — a joint venture between the country's biggest bank and data firm Quantium — looks at the financial data of 7 million Australians.
Its latest quarterly report found that after spending on housing costs is stripped away, people under 30 years old are even cutting back on essentials such as food, fuel and insurance. Conversely, people aged over 65 are continuing to grow their spending on non-essential goods and services faster than inflation."We're seeing some very distinct trends by age and geography," Commbank iQ's head of innovation and analytics, Wade Tubman, says.He notes this is a very different trend from during the pandemic, when younger Australians between the ages of 25 and 29 were increasing their spending by more than the general populatio
Spending Young People Older Australians Essentials Non-Essentials Interest Rates Rental Pressures Financial Data Trends
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