The findings come as nearly half (48%) say they are not confident in their financial situation and have no savings left after bills and other expenses.

The research found of the people planning to spend money in the upcoming sales event, 50% plan to spend up to $500, 14% between $501 and $1,000, and one in 10 will spend more than $1,000.

RACQ Group Executive Banking Michelle Winzer said the number of Queenslanders struggling or just getting by is a serious concern and sadly reflects the impacts cost-of-living pressures are having on many families.

“The number of people lacking confidence in their financial situation has increased nearly 10% since January to 48%, with our survey results revealing the lowest level of confidence since October 2021,” Ms Winzer said.

“Pleasingly, as the cost of everyday essentials continues to rise, it is good to see half of Queenslanders are planning to use the EOFY sales as a way to save money on items they need.”

However, the research also found close to one in five will purchase items sporadically if they see a good deal, and close to a quarter (22%) when they feel like they are getting a good deal.

“It’s easy to get caught up in the excitement of EOFY sales, but in the current economic climate, it’s important to make a list of the items you need and stick to your budget, so you don’t spend money unnecessarily,” Ms Winzer said.

“During this challenging time, Queenslanders are urged to be strategic and plan early to ensure they make the most of the EOFY prices while they are lower.

"Setting aside time to plan early is one of the best ways to navigate the end of the financial year.”

Fashion and household appliances are among the most popular items Queenslanders are planning to purchase in this year’s EOFY sales, followed by electronics/technology, and mobile phones.

Ms Winzer also encouraged members planning to spend to take advantage of the discounts available through RACQ Member Benefits.