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56% of gen Z feel financially pressured to look for a second job: Finder Cost of Living Report 2023

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The cost of living crisis is having a disproportionate impact on younger Australians, according to new research by Finder.

This comes as the Senate Select Committee on the Cost of Living launched its first public hearing in Sydney yesterday.

The Select Committee chaired by Senator Jane Hume was established in September 2022 to inquire into and report on the cost of living pressures facing Australians.

Finder is presenting to the committee the findings from its unreleased Cost of Living Report 2023 – a consumer survey of over 1,000 Australians and a survey of more than 40 experts and economists.

Finder's report found younger Aussies are particularly affected by the current economic climate.

More than 4 in 5 in gen Z (85%) have had to reduce their spending due to the rising cost of living. That's compared to 49% of baby boomers.

Chris Ellis, Finder Australia CEO, said while rising costs were being felt around the country, young Australians are struggling the most.

"Our data is showing a clear pattern – generation Z are less prepared to weather the cost of living storm.

"Through presenting to this committee, we hope to raise awareness of the need for increased financial literacy during inflationary periods so Aussies can be more prepared in the future," Ellis said.

Finding money to make ends meet was also a key theme for gen Z, with over half (56%) feeling financially pressured to look for a second job in 2023.

In terms of financial literacy, gen Z were far more likely to say they felt unprepared to make financial decisions during times of inflation (49%). That's compared to just 18% of baby boomers.

Only 8% of experts and economists surveyed have a positive outlook on the economy.

When asked for their outlook on the economy for 2023, 35% of the panel reported a negative outlook, with 54% neutral and only 8% positive.

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Need some help kickstarting your financial goals? Check out Finder's Budgeting 101 for an effective way to manage your money in 2023.

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