Hey, do you know who won’t lend you $100 to cover your groceries or a feral power bill? A bank. However, as the cost of living crisis continues to tailspin, a tonne of Aussies are needing such support. So, with nowhere else to turn, they’re turning to their friends and fams for money.
According to a Finder survey of 1085 people, 57% of the respondents have asked a friend or family member for financial aid over the last 12 months.
Yet, before we jump into the deets, it’s worth noting that this survey was conducted in December of 2022. And while these results have just dropped, the cost of living crisis has become even worse in 2023.
This 57% breaks down as follows:
- 16% asked for grocery money. On average, they asked for $148.
- 9% asked for rent money. On average, they asked for $399.
- 7% asked for petrol money. On average, they asked for $505.
- 5% asked for their school fees to be covered. On average, they asked for $2,897.
- 5% asked for their medical costs to be covered. On average, they asked for $997.
- 4% asked for travel money. On average, they asked for $986.
- 4% asked for help paying off their personal debt. On average, they asked for $1047.
- 4% asked for help paying off their mortgage. On average, they asked for $3089.
In addition to the above, 2% asked for money to pay a fine, and 1% asked for some other type of financial help.
Sarah Megginson, finance expert and head of editorial at Finder, believes that while asking your friends and fam for money can be uncomfortable, it’s sometimes a necessary action. What’s more, Megginson has a neat tip for making this process less awkward.
As Megginson said, “Make a budget that lists all of your income and expenses, including bills, groceries, and discretionary spending.”
“Showing your friends or family that you have done the sums to manage your expenses after their help will make it easier for them to feel like they aren’t wasting their money.”
However, if you’re really struggling, and your friends or family can’t help you, call the National Debt Helpline on 1800 007 007.
Related: How Australians Fight the Cost of Living Crisis
Related: How to Survive Australia’s Cost of Living Crisis
Read more stories from The Latch and subscribe to our email newsletter.
