December 22, 2022

Rising Rates, Falling Financial Wellbeing

This reports explores the cost of living and financial wellbeing during 2022, with a particular focus on renters and mortgaged homeowners given the rapid rise in interest rates.

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Key findings

This reports explores the cost of living and financial wellbeing during 2022, with a particular focus on renters and mortgaged homeowners given the rapid rise in interest rates.

Our research found:

  • One in seven (15%) mortgaged homeowners reported an increase of more than $700 per month
  • Just under half of renters (48%) reported their rent had increased in the 12 months to November 2022, suggesting widespread rent rises to come in 2023
  • Half of renters (53%) and two in five (41%) of mortgaged homeowners reported they couldn’t raise more than $2000 at short notice if faced with a large unexpected financial cost.

Our findings indicate financial stress is already building – with a cohort of mortgaged homeowners and renters going without delaying meals, medicine and medical care. For those experiencing feeling the cost-of-living crunch:

  • If you have a mortgage, speak to your bank about hardship options as early as you can.
  • Anyone struggling can also get help from a free and independent financial counsellor
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Ben Martin Hobbs

Senior Research and Policy Manager

Ben’s work is focused on consumer choice in complex markets, considering the implications of behavioural economics in the design and stewardship of consumer markets. He was a lead researcher on CPRC’s COVID-19 consumer survey and has managed a number of CPRC’s collaborative research partnership projects with academics at LaTrobe University, University of Technology Sydney and RMIT’s Behavioural Business Lab.

Ben can be reached at: ben.martinhobbs@cprc.org.au

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