Shrinking social circles: 4 million Aussies cut their friend group to save money
Australians are cutting friends loose to manage the ever rising cost of living, according to new research by Finder.
A Finder survey of 1,041 respondents found 1 in 5 (21%) – equivalent to almost 4.4 million people – have broken up with a friend or reduced the size of their friend group due to the cost of living.
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The research found 6% have parted ways with a mate, while 16% are going out with fewer people.
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More than 1 in 4 (26%) are going out to fewer social events or skipping them altogether to save cash, with hens parties, weddings and dinners out all on the chopping block.
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Rebecca Pike, money expert at Finder, said rising costs are forcing Aussies to reevaluate their priorities.
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"As bills, mortgages, and groceries soar, many are finding it increasingly difficult to justify discretionary spending like nights out or expensive hobbies.
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"Unfortunately, for some, social activities have become a luxury they can no longer afford."
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Young Aussies are the most ruthless with 10% of gen Z and millennials axing a buddy due to the rising cost of living, compared to only 2% of baby boomers.
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Pike said socialising can be costly, with brunches, parties, and shopping outings becoming increasingly expensive.
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"It can be challenging when your friends seem less affected by the rising cost of living.
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"Honesty is key. Share your financial goals with your friends and propose cost-effective activities, such as a walk instead of a fancy brunch."
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Pike said to surround yourself with people who understand your situation and enjoy low-cost or free activities.
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"Don't go into debt to afford social occasions – real friends will support your choices and respect your boundaries.
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"Don't hesitate to prioritise yourself, especially when you have financial goals to focus on," Pike said.
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| Have you reduced the size of your friend group due to the cost of living? | |
|---|---|
| Yes, I have broken up with a friend | 6% |
| Yes, I'm going out with fewer people | 16% |
| No, but I go to fewer social events/skip events (e.g. hens, weddings, dinners) | 26% |
| No, none of the above | 53% |
| Source: Finder survey of 1,041 respondents, August 2024 |
Sources
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,041 respondents from August 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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