The ANU study found that the most common changes Australians have made to try and save money have been cutting back on groceries and essentials, delaying major purchases and cutting back on non-essentials.

While inflation has begun to ease since its peak in 2022, there’s still plenty keeping people up at night.

For Gen Zers, it’s staring down university fees that now average almost $15,000 a year and entering into a quickly evolving and increasingly uncertain jobs market.

While easily the most technologically savvy of all generations, having grown up with devices and advice at their fingertips thanks to social media and the ability to check in to banking and investment apps, all of that easy access to financial information is clearly a double-edged sword.

For millions of Millennials trying to get onto the property market while housing prices are at all-time highs, the issue is literally keeping them up at night, with 44 per cent reporting lost sleep over income stagnation, the cost of living, debt and not having enough emergency savings stashed away.

That the majority of Gen Xers say the most common time of day they think about money is between 8pm and 11pm makes sense because these hours coincide with the workday and house duties being done, and the kids being in bed.

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And again, while it would be easy to say Boomers have it easy by comparison, losing a mere 36.5 days a year rather than the longer hours lost by their younger counterparts, does anyone really think it’s OK for people of retirement age to lose sleep over money?

Having spent decades of their adult lives working, paying taxes, raising families and contributing, surely this should be a time to rest easy.

Yet, according to recently published data from the Household, Income and Labour Dynamics in Australia survey, that’s not happening. Despite having greater wealth and better living standards than ever before, more Australians are delaying their retirement due to financial worries.

Herein lies the real problem with this issue. While concerns consuming people may differ across generations, once you start to worry it can become all-consuming, playing like a record on repeat. Unfortunately, our bodies don’t know the difference between the topics we’re consumed by. Stress registers as stress, no matter the particular strain or flavour.

It also takes away from our capacity to care about other issues. For example, before this year’s election, polling showed that while climate change, healthcare, public security and government operations were front of mind for many in 2022, three years later, such topics had fallen substantially down the list of importance.

If this is the headspace you find yourself in now, one of the simplest and fastest ways to slowly shift your attention is to go through your budget and spending and conduct an audit of your incomings and outgoings.

You can also delete financial apps from your phone, or place a curfew on them to avoid looking at them before bed. And, if you’re feeling overwhelmed, ask for help – or at least let somebody know how you’re feeling.

Because even if you are someone who now has the part-time job from hell, that doesn’t mean you have to keep it.

Victoria Devine is an award-winning retired financial adviser, bestselling author and host of Australia’s No.1 finance podcast, She’s on the Money. She is also founder and director of Zella Money.

Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decisions.

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