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Australians shall be cutting back on small luxuries in 2025 as the price of living crisis continues to impact their on a regular basis spending.
To top up their savings, 77% of Australians try to cut back on spending. news.com.au – it said, citing the recent Compare the Market Survey.
Younger Australians are leading the best way in reducing their takeaway consumption to save money. Millennials are greater than twice as likely as Baby Boomers to cut back on takeout, with 34.2% of Millennials planning to spend less on fast food compared to just 14.4% of Baby Boomers.
Abolition of takeaway meals topped the list of cuts, followed closely by cuts to spending on clothing, holidays, streaming services and each day coffee outings. Travel was among the many top three areas for spending cuts in 2025, with 7.2% of Australians surveyed planning to skip holidays in the brand new yr to save money.
Compare the Market’s Chris Ford suggests Australians could also be ditching takeaways for self-serving reasons to boost their savings. according to the study.
“We’re seeing many people vowing to adopt healthier lifestyles in the New Year, so it’s not that surprising that so many Australians say they will cut down on takeaway meals in 2025,” Ford said. “The discrepancies between the several generations were surprising. More than twice as many Millennials or Generation Z say they may cut down on takeout meals compared to Baby Boomers.
“It could also be that younger generations traditionally spend more on eating out and are aware that this eats into their savings. Likewise, in case you’re looking to feed your loved ones or deal with yourself in the course of the work week, takeaway meals don’t all the time come low cost. Depending on what you get and whether you purchase through a food delivery app, it won’t take long for the prices to add up. “It makes sense that Australians would prefer to save money by skipping the tricky burger or pizza splurge,” Ford quoted the study as saying.
