About the study
Money commissioned a survey of an independent panel of 1,010 Australians to gauge whether they are less motivated to build wealth since home loan interest rates began to increase in response to rising inflation. Respondents were asked if they feel less motivated to save, invest or earn more at work – and whether they think inflation will be controlled in Australia.
The pool of survey respondents matches the age and geographical spread of the Australian population.
What proportion of the population have lost the motivation to build wealth?
Money sought to uncover whether Australians have less motivation to earn more at work, save or invest. The survey results found that 44% of respondents have lost motivation in at least one of those areas.
Specifically:
- Nearly a quarter (23%) are less motivated to invest
- 21% are less motivated to save
- 11% have lost motivation to earn more at work
In this current climate of inflation, raising interest rates, and supply chain disruptions, do you fell less motivated to build wealth?
Money analysed the results across age groups. Younger respondents were more likely to have lost their motivation to build wealth, amid the current climate.
- More than half (53%) of under-30s admitted they had less motivation
This is compared with:
- 46% of 31-50-year-olds
- 37% of over-50s
Younger respondents were less motivated than any other age group across each financial area.
- 29% of under-30s revealed they were less motivated to save
This compares with:
- 18% of over-30s.
More than a quarter (28%) of under-30s were also less motivated to invest.
This compares with:
- 25% of 31-50-year-olds
- 19% of over-50s
Do you feel less motivated to build wealth in the current climate?
Money found that similar proportions of respondents across the states are less motivated to build their wealth. This includes:
- 48% of South Australians
- 47% of NSW respondents
- 46% of Victorians
- 41% of Queenslanders
Specifically, nearly a third (30%) of South Australians indicated they are less motivated to invest – along with:
- 25% of Victorians
- 24% of NSW respondents
- 22% of Queenslanders
Are Australians spending less this year?
Money asked survey respondents whether they have reduced or increased their spending this year.
- More than a third (35%) have decreased their spending
- 44% have maintained their spending
- Just 21% have increased their spending
Older respondents are more likely to have decreased their spending.
- 41% of over-50s are spending less this year
This compares with:
- 35% of 31-50-year-olds
- 25% of under-30s
In contrast, younger Australians are spending more. 34% of under-30s have increased their spending, compared with:
- 21% of 31-50-year-olds
- 13% of over-50s
Have you reduced or increased your spending this year?
Similar proportions of respondents across the states have reduced their spending this year. This includes:
- 44% of West Australians
- 35% of Victorians and Queenslanders
- 33% of NSW respondents
- 32% of South Australians
Have you reduced or increased your spending this year?
Response | I have increased my spending |
|---|---|
NSW (%) | 24 |
VIC (%) | 22 |
QLD (%) | 16 |
SA (%) | 28 |
WA (%) | 15 |
Response | I have not changed my spending |
NSW (%) | 43 |
VIC (%) | 43 |
QLD (%) | 49 |
SA (%) | 40 |
WA (%) | 41 |
Response | I have decreased my spending |
NSW (%) | 33 |
VIC (%) | 35 |
QLD (%) | 35 |
SA (%) | 32 |
WA (%) | 44 |
| Response | NSW (%) | VIC (%) | QLD (%) | SA (%) | WA (%) |
|---|---|---|---|---|---|
I have increased my spending | 24 | 22 | 16 | 28 | 15 |
I have not changed my spending | 43 | 43 | 49 | 40 | 41 |
I have decreased my spending | 33 | 35 | 35 | 32 | 44 |
Do Australians think inflation will be controlled?
Respondents were asked whether they think inflation will be controlled in Australia, returning to an average 3% growth rate. More than half (59%) don’t think inflation will be controlled.
Do you think inflation will be controlled in Australia, going back to a 3% growth rate?
Similar proportions of respondents across all age groups admit they don’t think inflation will be controlled in Australia.
This includes:
- 61% of under-30s
- 58% of over-30s
The survey also revealed that similar proportions of respondents across the states don’t think inflation will be controlled and return to an average 3% growth rate
Specifically:
- 66% of West Australians
- 63% of Queenslanders
- 60% of Victorians
- 54% of NSW respondents
- 53% of South Australians
