Australians are facing a financial crisis as the cost of living continues to skyrocket. Many are being forced to make drastic changes to their lifestyle in order to survive, a scenario being termed the “cost-of-lifestyle lockdown” by financial experts.
This phenomenon has been exacerbated by rising house prices, utility bills, and food costs, leaving many struggling to make ends meet. Additionally, stagnant wage growth and inflation have made it increasingly difficult for Australians to keep up with the rising cost of living.
As a result, people are cutting back on non-essential spending, downsizing their homes, and even sacrificing their social lives in order to cope with the financial strain. Some are even resorting to using credit cards or payday loans to make ends meet, further exacerbating their financial woes.
Financial experts are warning that this “cost-of-lifestyle lockdown” could have long-term consequences for Australians, including increased levels of debt and financial stress. They are urging individuals to create a budget, cut back on unnecessary expenses, and seek out financial assistance if needed.
The government has also been called upon to take action to address the rising cost of living, including implementing policies to boost wage growth and address housing affordability. Without intervention, experts warn that more Australians will continue to be pushed into financial hardship, further exacerbating the “cost-of-lifestyle lockdown” affecting the country.
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