2026 Sense of Us Report unveiled before packed Sydney crowd
“‘No worries?’ Not quite.”
That’s the sub-header for ING’s latest Sense of Us Report, and it sums the mood up perfectly.
The third in ING’s once-every-three-years survey, it found that Australians are responding to persistent cost-of-living pressures not with resignation, but with a marked shift in how they save and spend.
Based on a nationally representative survey of more than 2,000 Australians conducted by YouGov between February and March 2026, the survey revealed that despite 83% of respondents identifying cost of living as a major issue, nearly two in three feel positive about the year ahead.
ING launched the report on Thursday evening at Island Radio in trendy Sydney suburb Redfern, where ING chief executive Melanie Evans (pictured top, right, alongside ING customer Sarah Lichtensteiger) joined a panel to discuss the findings.
"What we're seeing, particularly among younger Australians, is a more adaptable and forward-looking mindset,” said Evans. “Saving is no longer about putting life on hold for a big milestone, it's about the everyday money wins. Those choices are helping people improve their financial position while still creating the freedom to enjoy life."
While Australians are undeniably under pressure, “what's striking is how people are responding by focusing on small wins, building savings where they can, and taking back a sense of control”, Evans added.
A generational divide reshaping saving goals
Among the report's most significant findings in the report is a sharp generational divergence in financial outlook and saving priorities.
82% of Gen Z respondents feel optimistic about the year ahead, compared with just 49% of Baby Boomers. Older Aussies reported being more affected by cost of living than younger generations, with 91% of Baby Boomers and 93% of Gen X respondents saying they’ve been affected, compared to just 69% of Gen Z respondents and 79% of Millennials.
Hoiwever, responding to a question fielded by MPA, Evans suggested the findings of Gen Z optimism may have been different if the poll came out following the Federal Budget.
“Whenever there's any shift around the future value of property, the tax bill that you might get on what you're holding, it will rationally have an impact on how people feel about the future,” she said. “If you think that you're going to pay more tax… and you're no longer entitled to a tax discount… I think it's a very rational response.”
The report found 71% of Gen Z respondents are saving for something specific, with home deposits ranking fourth on their list of goals – behind personal development and education (40%), travel (37%), and a car (24%).
Millennials, by contrast, are more focused on family wealth accumulation, and are the generation most likely to be saving for children's education and home deposits.
Cheaper supermarkets – but no skimping on the meat and coffee
Strikingly, the 2026 Sense of Us Report found that 55% of Australians have changed their dietary habits to cut costs. 31% have swapped to cheaper supermarkets while 26% have begun buying in bulk.
But there are evidently some limits to what Aussies are willing to sacrifice – they are least likely to substitute meat and fish, and tea and coffee.
People are also ringfencing spend on travel, wellness, connection and experiences even as they cut back elsewhere. This shift has contributed to what ING describes as a growing "joy economy”.
More than three in four Australians paid for at least one subscription service in 2026, spending an average of $136 per month. Meanwhile, respondents allocated around $169 per month on time with friends and family, and approximately $115 on wellness activities.
Saving money remains the number one financial goal for 45% of Australians in 2026, ahead of travel, investing, and a career change.
Changing the saving playbook
Matt Bowen, head of consumer and market insights at ING said the data highlights a more engaged and self-directed consumer mindset.
The traditional money playbook “might be changing”, said Bowen. “The research suggests a shift away from the path that has been followed by previous generations, toward a more self-directed approach, enabled by digital.
“In 2026, financial confidence seems to be less about broader economic conditions, and more about how individuals feel about their own day to day money habits. What this points to is a potential shift in how Australians are defining progress – it’s less about the big financial milestones and more about consistency, control and feeling on track in everyday moments.”
