Under 35s cutting back while older Australians increasing spending as cost-of-living pressure rises

Under 35s and renters have cut back on their spending the most, according to CommBank iQ analysis. (Unsplash: Towfiqu Barbhuiya)

There is a "sharp divide" in how Australians are spending their money as cost-of-living pressures hit households unevenly, a report based on the financial data of 7 million Australians shows.

The report from CommBank iQ, a joint venture between Commonwealth Bank and data firm Quantium, shows cost-of-living pressure has been steadily increasing since late 2022, and renters and people under 35 years old are feeling the greatest pain.