Australians are cutting friends loose to keep their nose above the rising cost of living tide, new research shows.
A survey by comparison website Finder found six per cent of respondents had broken up with a friend due to strained financial circumstances.
That would equate to 1.25 million people across Australia.
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And 16 per cent (the equivalent of 3.3 million people) were reducing the number of people they socialised with.
More than one in four (26 per cent) were doing less socialising overall, with hen parties, weddings, and dinners out all struck from the calendar.
Finder money expert Rebecca Pike said Australians found it “increasingly difficult” to justify spending on wallet-draining activities and nights out with friends.
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“It’s sad, but friendships have fallen in the discretionary spending category for some,” she said.
Young Australians have been the most affected, with 10 per cent of Gen Z and millennials cutting out a friend due to the rising cost of living, compared to just two per cent of baby boomers.
Pike said brunching, partying and shopping with friends were all more expensive than ever.
“It can be difficult when your mates are not struggling quite as much with the cost of living,” she said.
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“It’s best to be open and honest and tell your friends about your money goals and suggest free activities like a walk over a lavish lunch.”
She urged people to not go into debt for the sake of more expensive social life.
“True friends will respect your choices and understand your limits,” she said.
“Don’t be afraid to put yourself first, especially if you have financial goals you’d rather prioritise.”
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