Young Australians are feeling the pinch more than any other age group amid the ongoing cost-of-living crisis.

Over the past 12 months, Australians aged 18 to 29 have reduced their spending by 2 percent.

Those aged 30 to 39 have also cut back, reducing spending by around 1 percent.

In contrast, older Australians have increased their spending on average; up 3.9 percent among those aged 60-69 and 7.7 percent for those over 70.

CommBank iQ Head of Innovation and Analytics, Wade Tubman, spoke with Oly Peterson on Perth Live.

Click below to listen to the full conversation: