Money expert's one simple way you can save $16,000 a year during cost-of-living ... trends now
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Young Australians are being advised they can save almost $16,000 a year by moving back home with their parents and quitting sharehouse living.
Graham Cooke, Finder's head of consumer research, said this was an effective way to boost savings during a cost-of-living crisis.
'Reducing or eliminating accommodation costs – if you are in a position to do so – will significantly improve your cash flow and you will accrue savings much quicker,' he said.
'The faster you can grow your cash buffer the more resilient you will be to economic headwinds.'
But those hoping to save up for a mortgage deposit to buy an apartment may have to live with their parents for more than eight years.
Young Australians are being advised they can save almost $16,000 a year by moving back home with their parents and quitting share house living (pictured is a stock image)
Australia's median rent was $601 a week or $31,252 a year in December, with this CoreLogic figure covering both capital cities
