The current fuel crisis across the country is already causing significant financial stress, according to a new survey. Online financial broker Savvy surveyed 1077 Australians and found that 76 per cent of respondents – equivalent to 21 million Australians – say they are experiencing moderate or severe financial stress thanks to record high fuel prices.

The ever-rising fuel pricing has forced 80 per cent of those surveyed to cut back on spending, with 40 per cent reportedly doing so significantly, while 83 per cent also believe that the Australian Government should be intervening to limit fuel price hikes by either reducing the excise or cracking down on price gouging.

Fuel prices have risen significantly over the past eight weeks due to the latest conflict in the MIddle East, with 55 per cent of those surveyed reporting that fuel pricing has jumped over 50c per litre and 44 per cent say that they will consider switching to a more fuel efficient car or electric car if fuel prices don’t fall.

2

Using the Toyota RAV4 as an example – one of Australia’s most popular cars – a full 55-litre tank of petrol is now between $28 and $44 more expensive than before, with prices only rising further.

Sixty-five per cent of respondents have said that they are driving less because of the high fuel prices, and those cutting back on spending are mostly cutting back on eating out, grocery bills and travel, as well as reducing their savings.

According to Savvy, that adds up to 76 per cent of Aussies who’ve found themselves plunged into deeper financial stress on top of ongoing cost-of-living pressures and, most recently, interest rates being bumped up once again.

The full survey from Savvy is available to view here.