Australians aged 25 to 29 have cut back on their spending by 3.5 per cent in the last 12 months, with sacrifices made on both essential and discretionary expenses, according to the Commonwealth Bank.
"Where most people have had to increase spending on essentials, we are seeing the opposite trend amongst those in their 20s, with essential spending falling at a similar rate as discretionary," head of innovation and analytics Wade Tubman said. "This highlights the difficult choices people in this age bracket are making, with some having to make larger lifestyle changes like foregoing their health insurance altogether.
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