Living pressures 'dire' in Tasmania as rising costs bite: survey

Almost 90 per cent of respondents revealed they had been financially impacted by rising costs and two-fifths admitted having to borrow or dip into their savings to cope, according to the study by YouGov.

About 25 per cent of those surveyed admitted that they had had to deplete their savings "a lot" in the past year.

Commissioned by MyState Bank, YouGov surveyed 523 adults online between November 8 to 13.

MyState Bank everyday banking and marketing general manager Claudio Mazzarella said the research highlighted alarming trends among young people and renters.

"Cost of living is a national issue but the situation is particularly dire for Tasmanians on low incomes facing rental stress, or younger home owners," he said.

Among Tasmanian renters with savings, 75 per cent said their savings have decreased over the past 12 months.

"People facing the strongest financial pressures have no money left to contribute to their savings, and they've got little choice but to dip into their savings, or access credit," Mr Mazzarella said.

"Similarly, younger Tasmanians are three times more likely than Baby Boomers to say they had to take out a loan, or rely on credit to cover their day-to-day expenses due to the rising cost of living since November 2022"

Mr Mazzarella said among Tasmanian renters who have savings, three in four (75 per cent) said due to the rising cost of living over the past 12 months, their savings have decreased.

Almost four-fifths of respondents admitted to cutting back their spending in order to cope, helping to push down business confidence in the state.

One in ten have started working a second job or have taken on additional shifts or freelance work to earn more money, according to the study.