Almost every Australian is feeling the pinch of the rising cost of living in one way or another – but some are feeling the pressure more than others.
A typical university student already has to be careful with how they spend their money, with full-time study limiting their ability to earn an income.
Now, with the cost of basically everything rising – from groceries and petrol to rent and electricity – staying within a budget means students are being forced to cut out even more items and little luxuries.
Sydney students have revealed the common habits and purchases they have been forced to ditch in the wake of rising costs.
One of the most common answers was no longer being able to afford buying food on campus.
“Buying lunch from uni. I just bring food at home,” one student told SEEN TV.
“I have actually had to start meal prepping because it is just getting a bit too pricey to buy food here now,” another student said, though they added that they have also had to sell their dirt bike and jet ski.
Even a simple indulgence like a packet of chips is now too pricey for some students.
“Chips, like the Red Rock Deli ones. Because they are like $8 now and they used to be $4 or something like that,” one student claimed.
“So I have had to give those up and it has been really hard.”
Coffee was another daily habit many young people say they have been forced to give up, along with eating out.
Others say they have had to give up driving to university and instead catch the train, while some students say they can no longer afford things like gym memberships.
One student even offered some helpful advice to others: “Give up your girlfriend mate. That is probably the most expensive thing in your life.”
One student simply claimed she has had to give up “my future”.
“I just live in the now,” she added.
But there are some items students say they simply can’t live without, even as the cost of living bites.
The major item being, of course, a laptop, with one student pointing out: “If you don’t have a laptop, you can’t do anything”.
“Has to be a laptop. All work is done on the laptop,” another added.
Other’s claimed their iPad was their one necessity as it let them do things like draw and hand write notes that can be saved digitally.
One student claimed their headphones were the thing they couldn’t do without.
“I just need them at all times,” they said.
According to Finder’s recent Cost of Living Report 2023, while rising costs are being felt around the country, young Australians are struggling the most.
Higher vulnerability from having lower savings has led to over half of Gen Zers feeling financially pressured to look for a second job in 2023.
More than 85 per cent have had to reduce their spending due to the rising cost of living and that is compared to 49 per cent of Baby Boomers.
Richard Whitten, money expert at Finder, told news.com.au that data clearly shows that young people are being “hit hardest” by Australia’s current economic situation.
“Our data clearly shows younger people in particular are being hit hardest by the cost of living crunch,” he said.