The rising cost of fuel is cited as the “greatest concern” for Australians in the latest cost-of-living survey by Savvy. 64% of respondents cite this ahead of food, utilities, and rent/mortgages.
73% of the 18-24-year-old respondents said rising fuel prices is their greatest concern. This was followed by the 55-64-year-old demographic (69%) and the 25–34-year-old demographic (66%).
“If extrapolated to the entire Australian population over the age of 18, this means 12.4 million Australians are most afraid of rising petrol prices stretching already overextended household budgets,” says Savvy.
In response to the rising costs, 51% of respondents said they will change their behaviour or drive less. 36% said they will be looking for discounts using apps, while 26% said they will use public transport more frequently.
Savvy CEO Bill Tsouvalas says that fuel price rises will disproportionately disadvantage blue collar workers over white-collar workers – particularly younger apprentices.
“Tradespeople and those who work outdoors are reliant on their ute or car to turn a profit or make their weekly wages. This will just add to the woes of the working class who are already feeling the brunt of rising grocery costs,” he says.
“The survey says that 30% of respondents said they’ll just ‘absorb’ the increase. Tradespeople do not have that luxury.
“The rise in fuel costs, coupled with rising grocery and utility costs will hit families hard, and people will want some sort of relief. But with the current upwards trend in the cost of living, I’m unsure respite is around the corner this year.”
