Australians are adapting to the growing cost of living in varied ways, with responses differing significantly across generations, a recent survey by Fidelity International has revealed.

The survey polled Australians ranging between the ages of 18 and 59, and found that the Gen Z population and Gen Y were inclined toward taking up a side hustle rather than reducing their expenditure to support an affluent lifestyle.

On the other hand, Gen Xers (ages 44 to 59) were majorly cutting back on their non-essential spending to cope with the high-end living costs, per the report.

The study also found that for Gen Z, the top short-term focus was saving to buy a home or property (18%), followed by growing their investments (14%). Apart from these goals, they also set aside funds for travel and lifestyle (11%) and tackling debt (11%).

Meanwhile, Gen Y........

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