What are you willing to give up in a cost-of-living crisis?

While the nation continues to battle the cost-of-living crisis, new research from comparison website Compare the Market reveals the things Australian’s aren’t prepared to give up to tackle higher prices.

Conducted in February, a survey of more than 1000 people found that alcohol, takeaway meals, coffee, and health and beauty appointments are among the top things people aren’t prepared to go without as cost-of-living pressures continue to put a strain on households across the nation.

However, more than a quarter of Australians said they weren’t willing to cut their social outings to ease costs – a figure that isn’t surprising to Compare the Market’s Natasha Innes.

“Households across Australia experienced some of the strictest COVID-19 lockdowns around the world and many people don’t want to forgo spending time out and about with their family and friends as a way to ease financial pressures,” she said.

“Thankfully, there are many ways to be social without breaking the bank, giving people the best of both worlds.”

The research shows that Baby Boomers value social outings more than any other generation at 33.2 per cent above the average of 26.6 per cent.

Conversely, Gen Z was least likely to say they’d give up socialising, at just 22.2 per cent.

Meanwhile, takeaway meals and coffees remain a high priority for Aussies, with 17.3 per cent unwilling to give up fast food or ordering in their favourite caffeinated beverage.

One in five Gen Zers wouldn’t give up their fast food, compared to just 11 per cent of Boomers.

“Meal delivery services like Uber Eats and Menulog are great for those nights where you don’t have time to cook or want to treat yourself, but it can come at a cost,” Ms Innes said.

“There are usually delivery fees involved and it’s pretty easy for costs to add up, especially if you use these apps regularly.

“Similarly, purchasing a coffee on the way to work every day may only seem like $5 or $6, but that’s around $25 a week, $108 a month or $1300 a year. It really adds up.”

The data also reveals that health and beauty treatments aren’t something that Aussies are willing to compromise, with 17.2 per cent admitting it would be the last thing they’d give up if they were under financial pressure.

Baby Boomers were again the generation most likely to prioritise their health and beauty at 20.2 per cent, followed closely by Gen Z at 18.8 per cent and Millennials 18.2 per cent.

Just 11.7 per cent of Gen Xers wouldn’t give up these treatments.

Meanwhile, streaming services, gym memberships, alcohol and gambling were also listed as things Aussies wouldn’t be willing to give up.

“Our data shows that Gen Xers are least likely to give up streaming services like Netflix and Stan, but are also the generation that’s most hesitant to give up booze,” Ms Innes said.

“Worryingly, this generation is also the least likely to give up gambling.

“Meanwhile, it would seem that Gen Z is the generation that takes the most pride in their health and fitness, with Zoomers least likely to give up their gym memberships.”

However, Ms Innes said Aussies could make small changes so they didn’t have to give up the things they love.

“Money is tight for many of us right now, but it doesn’t mean Aussies have to miss out,” she said.

“Spending a bit more time researching or hunting down the best deals and bargains is one of the best ways to make that dollar stretch. It could save you significantly in the long run.”