With rising energy costs eating up more of our income in the midst of a wider cost-of-living crisis, people across the world are being faced with tough choices on what they’re willing to give up to cut down on expenses and save money.
It’s a bleak situation that isn’t going away anytime soon.
So, how are people cutting down on energy costs? What else are we willing to sacrifice to help save money?
To find out how rising energy bills and the cost-of-living crisis is affecting people, the energy experts at Compare the Market commissioned a survey of more than 3,000 adults across Australia, Canada and the USA.
Here’s what we found.
Almost one-in-three adults really struggling financially
Times are tough. We’re all feeling it. As our survey revealed, most people have been impacted negatively.
On average, 30% of adults surveyed (combining Australia, Canada and US results together), or almost one-in-three people, said they had been really struggling and feeling the squeeze financially over the past six months.
The USA had the highest portion of people on struggle street at 33%, followed by Canada at 30% and Australia at 28%.
An even bigger cohort of people said they had felt financial pressure to a slightly lesser degree – more than half of all Australians surveyed (53%), 47% of Canadians and 42% of Americans said they had felt some financial pressure in the past six months.
Fortunately for some, they hadn’t noticed the rising cost of living, and almost one-in-ten Canadians (7%) said they were in a better financial position now than six months ago.