As the cost of living crisis continues to make its presence felt, Australians are opting for generic brands of popular supermarket items to save money at the checkout.
Recent research from Compare the Market highlighted the growing trend, finding that nearly three-quarters of Australians have chosen the generic option over the more popular name brands during their weekly shop in the past 12 months.
Joan Kane, a pensioner, has joined the growing number of Aussies looking for savings at the supermarket by making the most of the cheaper alternatives.
“It’s just too expensive now to buy what you used to buy. You buy the cheapest brands and do what you can,” Kane told 9News
“I buy the home brand milk, it’s cheaper. Those few dollars are better in my pocket.
“I feel sorry for the farmers but I’ve got to look after my pennies.”
Compare the Market’s study found that the generic version of items such as pasta, cheese, teabags and bread came in at half the price of the popular name brands.
“A lot of people are feeling the pinch and are looking for more ways to claw back cash,” Compare the Market spokesperson Phillip Portman explained to 9News.
“If you are willing to make that switch, there are savings there.”
The option to go generic and save some much-needed cash will no doubt be welcomed by older Australians after a recent report from COTA found that a staggering six in 10 seniors reported that the cost of living is placing an enormous strain on their budget.
COTA’s State of the Older Nation (SOTON) 2023 report surveyed the experiences and views of 2,750 Australians aged 50, with the findings painting somewhat of a grim picture for older Australians.
The recent report found that a striking 45 per cent believe that their situation is worse, a significant rise from 2021 (33 per cent) and 2019 (27 per cent).
COTA Chief Executive Patricia Sparrow said that “the report’s findings underscore the need for the Australian government to develop a national strategy for older people so policymakers take urgent steps to address the concerns of older Australians to ensure they are more secure and resilient in the future.”
“Ageism is a perverse challenge which permeates the lives of older Australians and sits underlying this wider trend of growing insecurity,” Sparrow added.
Despite the recent Budget allocating a considerable amount to aged care spending in 2023-24, many older Australians remain concerned about their financial wellbeing, particularly regarding the housing crisis and the risk of homelessness.
“Though we are pleased with the outcome of this year’s federal budget which provided some relief on the pressures older Australians are facing, there is still more to do,” COTA federation chair Joan Hughes said.
“The hip pocket of older Australians especially, older pensioners who rent, are still strained.”