SA residents are expected to feel the pinch
Article by Mozo
People who live in South Australia (SA) will have to fork out an extra $1,078 on average to maintain their current standard of living in the next year.
Energy prices are soaring and general everyday expenses are constantly rising, which has left many Aussies in a mess financially.
According to the Advertiser, an extra $387 will be required to cover car registration, private health and council rates in the next 12 months.
A recent study conducted by Mercer showed that not only is Adelaide one of the most expensive places to live in Australia, it is also the 27th least affordable city on the planet.
People who do not have the luxury of savings accounts to help them with the extra costs are in real danger of falling into a spiral of debt.
Executive director of the SA Council of Social Services Ross Womersley told the news provider that the scale of gas and electricity price hikes has been "alarming" and the state government needs to offer a helping hand to low-income households.
Have a question about savings accounts? Ask the money gurus at Mozo Answers.