Money talks: Aussies are tackling cost of living head on

Talking about money can be awkward as you might feel like you aren’t doing enough or you’re handling your finances all wrong. But this feeling is more common than you might think. 

Opening up to close friends and family about your financial situation can be freeing, but 27% of Australians are reluctant to speak up as they don’t want to be judged on how they manage their finances. 

According to new research from Findex, money conversations with immediate family members are regularly occurring with nearly 90% of people across the country. While a high number, 3 in 5 people agree that there are still numerous challenges that can get in the way of having these important conversations. 

Cutting costs and sticking to a budget is at the top of mind recently for many Aussies, and it is reflected in the data. Saving money and budgeting continues to be a hot topic for Australians, with 65% of financial conversations with family being about the subject. 

Cost of living weighs heavily

Aside from the thoughts that they might be judged by loved ones for their money habits, additional barriers to having financial conversations include potential differences of opinion on money management or being concerned about arguments. 

Unfortunately, 26% of Aussies are embarrassed by their financial situation, which has only been made harder to deal with alongside the continued cost of living crisis. However, the rising cost of goods has been a driving factor for Aussies - young people in particular - to talk about their financial problems. 

A whopping half of the conversations being had about money in Australia right now are about how to navigate and survive the cost of living crisis, and undoubtedly tied to that is the need to stash money away and plan for expenses.  

Having a strong budget that you can stick to can help prepare you for future costs and keep you on track for your savings goals during this current economic climate. (If you need help creating a budget that suits your needs, check out our budget calculator). 

A budgeter 's best friend is definitely a good savings account. With the help of a high interest rate, you can give your savings balance that little extra boost it needs. Mozo has rounded up some of the top high interest rate saving accounts below for you to compare if you are in the mood to browse. Want the best? Check out our editors' picks for the best savings accounts right now.