Aussies are considering putting their bodies on the line in medical trials, banking on lotto wins or rich relatives leaving them everything, and nixing their nuptials to tackle the cost-of-living crisis.
An eye-opening new study by global public opinion and data company YouGov, commissioned by BCU Bank, revealed two-fifths of Australians do not have enough money for essential expenses including housing, taxes, and weekly groceries.
Among the more surprising findings, two in five Aussies are willing to offer up their bodies with 39% likely to consider taking part in a medical trial for extra income.
When it comes to the traditional milestones of marriage, home ownership, and children, the study showed three in 10 (31%) have/would boycott having a wedding and one in 8 (13%) would move back in with family to save money, while one in 10 (11%) cheekily admitted to enrolling their children in a sport or extra-curricular activity in the hope they excel and strike it rich.
Additionally, 12% (a staggering 2.4 million Aussies) said they would marry for money instead of love. A further 8% (1.6 million Aussies) said they have/would move their parents into aged care early if it means they inherit the family home.
BCU undertook the study for its “A Better Back-Up” campaign which shines a spotlight on people’s ‘Plan Bs’, the alternative ways people save or grow their money, and the fact that 80% of Aussies bank with a Big Four bank1.
More than 1,000 participants responded to a range of hypothetical situations ranging from “Doing something illegal that would bring in extra income” to “Open a secret bank account that my partner doesn’t know about”.
The results revealed ‘get-rich-quick’ strategies are top-of-mind for millions of Aussies with 15% of respondents confessing they have, or would consider, a secret side hustle.
BCU Bank General Manager Mark Smyth said finances were an increasing concern for many households.
“This staggering research confirms that the worsening cost-of-living crisis is driving Aussies to more unconventional measures, with almost three in 10 (28%) Australians revealing they are barely getting by,” Mr Smyth said.
“It’s our regional and remote communities that are feeling it the most and BCU takes this very seriously given our longstanding presence throughout regional Australia.”
Mr Smyth said it was vital for Aussies to explore all options available before resorting to risky financial measures.
“Our goal is to support our existing customers, while also connecting with younger Australians who need a leg up when it comes to reaching their financial goals,” he said.
“Alarmingly, industry data shows 40% of Australians still bank with their childhood bank2 without considering the other options available to them.
“Aussies are increasingly looking for new ways to save for a house deposit, start a business or get set for retirement and a big-player bank isn’t always the best way.
“Before pinning all your hopes on a lotto win, hanging out for a surprise inheritance, or dabbling in other precarious Plan Bs, BCU is here to remind Aussies that our team can provide far better financial back-up plans.”
For more information, visit bcu.com.au/better-back-up or drop into a branch where you’ll find friendly faces from your community who want to help you reach your financial goals.
View BCU Bank's Research Report with YouGov.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1027 adults. Fieldwork was undertaken between 21-25 March 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian adults (aged 18+).
1Finder's Consumer Sentiment Tracker, 19 September 2023
2Finder, 2021