The data found more than half of those surveyed were more concerned about household expenses now than they were 12 months ago. 

Nearly 80% had some concerns about affording bills or groceries, with a third very concerned or extremely concerned. Three in four homeowners were worried about interest rates going up, while almost two thirds of renters wanted to buy but were anxious about the property market.

Chief Executive Banking Michelle Winzer said while concerning, the findings were unfortunately not surprising given the external pressures facing many Queensland families. 

“Between rising interest rates and the increasing cost of everyday essentials, it’s been a challenging environment, and sadly, we know it will be another difficult year,” Ms Winzer said. 

“Pleasingly, our research found that many people are taking proactive steps to curb the cost-of-living pressures including cutting down on their expenses and identifying opportunities to increase their income. 

“A third are also dipping into their savings, which can provide short-term relief in their time of need.” 

Ms Winzer said taking time to assess your financial position and making some small changes could help ease the financial burden. 

“It can feel overwhelming but a good place to start is looking at your income and adding up all your expenses,” she said. 

“Print out your bank statement and highlight the unnecessary purchases. Savings from cancelling subscriptions you are no longer using or switching to cheaper food brands can all add up.

“If you have a mortgage, talk to your bank about getting a better interest rate. Shop around for deals on items such as petrol, phone and internet charges - RACQ members can also access a range of discounts and benefits on everyday purchases through our Member Benefits platform.” 

Ms Winzer also urged anyone experiencing financial hardship to ask for help.

“We know talking about money can be uncomfortable and people are often reluctant to ask for help,” she said. 

“During this challenging time, it’s more important than ever for our members to get in touch with us early if they’re starting to feel overwhelmed or uncertain about their finances.

“The earlier we’re contacted, the more effective we can be in looking for ways to help. Whether that be fast-tracking financial hardship requests or providing assistance and flexibility with payment options."

Key Research Findings:

• 54.3% of Queenslanders are more concerned about household expenses compared to 12 months ago
• Savings, groceries, and bills are the biggest concerns when it comes to household expenses
• 77% of homeowners are worried about interest rates going up
• 62% of renters want to purchase a property but are concerned about the market
• Of the people with concerns about household expenses, 72% were cutting back on expenses, 32% were working more and 28% were usings savings.