A shocking number of Aussies are staying or moving back in with their ex, as the cost of living leaves people trapped in unconventional living arrangements.
Three per cent of Australians admitted to staying or moving back in with an ex-partner in order to save money, according to new research from Finder.
That’s around 612,000 people living at the height of awkwardness just to get by.
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Would you stay living with an ex just to save money? Picture: iStock
Rents and mortgage repayments are on the rise, particularly in the aftermath of the two interest rate hikes this year.
Finder’s survey found that living costs have forced nearly one in five Aussies (19 per cent), or about 4.1m people, to live together for the past year for financial reasons, according to Finder
One in 10 Aussies have moved back in with their parents or grandparents, or extended their stay, in order to ease the financial strain of living away from home.
Siblings were the second most likely cohabitants (7 per cent), followed by friends (4 per cent).
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Finder has revealed how many people are staying or moving in with others for financial reasons. Source: Finder
Finder personal finance specialist Taylor Blackburn said more Australians are making tough compromises just to keep a roof over their heads.
“Sky-high rents, rising interest rates and general cost-of-living pressures have made solo living increasingly difficult,” he said.
“For many, moving in with others is no longer just a lifestyle choice – it’s a financial necessity.”
Cohabiting for financial reasons was most common by a significant margin in Victoria, where 33 per cent have shacked up to save on accommodation costs.
That’s over double that of the rest of the country, with 16 per cent of Queenslanders, 15 per cent of those in NSW, 14 per cent of West Aussies and only 11 per cent of South Australians having to do the same.
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Finder personal finance specialist Taylor Blackburn. Picture: Supplied
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Younger Australians were more likely to move in, or stay with others.
Thirty-nine per cent of Gen Z have moved in with someone (or stayed living with them) for financial reasons in the last 12 months, compared to only four per cent of Gen X and 27 per cent of Millennials.
Full-time employment is not enough for a huge number of Aussies to survive on their own; over one in four (28 per cent) of those with full-time jobs still had to shack up for money reasons in the past year.
“Unconventional living arrangements are fast becoming the norm as financial pressures leave Australians with little choice but to prioritise survival over comfort,” Mr Blackburn said.
He urged Aussies to build an emergency fund, in order to avoid ending up in an uncomfortable living arrangement.
“Even a small financial buffer can be the difference between staying in control and being forced into living situations you never imagined,” he said.
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