This anxiety is being fed by persistent EOFY sales advertising, which 27% of survey respondents agreed was overwhelming.

The research found consumers were using EOFY sales to make major purchases with 35% planning to spend $500 or more, a 20% increase on the previous year.

RACQ Bank Spokesperson Melissa McGrath said while household budgets were under strain, the EOFY sales were a great option to save money on big-ticket items.

“It was concerning to hear that 30% of people say they are not confident in their financial situation and feel they are only just getting by,” Ms McGrath said.

“As cost-of-living pressures persist, many Queenslanders may hold off buying expensive items throughout the year, with the plan to buy at a cheaper price during the EOFY sales.

“While fashion items are still the most popular planned purchase this year, more are looking at electronics such as a phone or laptop, as well as travel.”

Ms McGrath warned against making impulsive purchases.

“Unfortunately, one in four Queenslanders have succumbed to the pressure of purchasing during the EOFY sales, only to regret it later,” she said.

“Sales are a great opportunity to save money on essential items or planned purchases, but it's crucial to plan ahead and set budgets to avoid impulsive buying and overspending.

“For those looking for a way to make the most of their online purchases year-round, the RACQ Member Benefits Cashback program offers cashback rewards when you shop with some of Australia’s most popular retailers.”

To find out more and see the full range of discounts available, visit: Member benefits and discounts | RACQ