Most Australians regularly spend all their money before their next payday due to the rising cost of living, according to a grim survey.
A Finder survey of 1,049 people showed that 52 percent occasionally or always ran out of money before payday.
Some 16 percent of respondents admitted to running out of cash every month, with women more likely to empty their bank accounts than men.
Of those who spend more than they earn, the average falls short by $249 a month, according to the comparison site’s survey.
Graham Cooke, director of consumer research at Finder, said the financial reality for a growing number of households was “very bleak”.
“The rising cost of living has emptied bank accounts,” he said.
‘It is a very stressful situation for those households whose expenses exceed their income every month.
“And when that happens, people resort to extreme measures, like skipping meals, to prolong their cash reserves.”
Most Australians are running out of money before they get their next pay cheque, a “grim” survey finds (file image)
69 percent of respondents cited cost of living pressures as the main problem they face, while 20 percent admitted to overspending in the first few weeks of each month.
About 15 percent admitted they had mismanaged their money.
Mr Cook said Australians should feel justified in asking for a pay rise if they are struggling to make ends meet and should cut back on as much unnecessary spending as possible.
“Many Australians have side jobs or work weekends to supplement their income,” he said.
‘In the meantime, cancel all subscriptions you are not using. You could choose to pay only the interest on your home loan and increase the deductibles on all your insurance to start to alleviate the cash flow shortage.’
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