‘My prized possession’: One thing skint young Aussies won’t give up

Young Australians are cutting back on takeaway, coffee and even nights out as the cost of living crisis hits – but there’s one thing they won’t give up.

Like countless other Australians, Christopher Wale has stopped buying takeaway coffee and ordering food – and nights out are now few and far between – as the rising cost of living pinch bears down.

But there’s one thing the Sydney resident won’t cut back on.

“You know, one of the builds that I have at work is my prized possession,” he told news.com.au as he spoke about his beloved hobby of building customised computer keyboards.

Mr Wale started his hobby three years ago when he built his first keyboard.

He now boasts a bounty of keyboards that he’s customised. Some have different keys, light up, or even fold up so you can transport them.

Christopher Wale built his first keyboard three years ago and loves his unusual hobby. Picture: Supplied

He proudly displays his creations at home and often tinkers with his friends’ keyboards on request.

“That’s what’s most important to me at the end of the day. It’s my decision to maintain the hobby. It just means I won’t be able to go out one night or have to really make sure I’m not spending too much.”

According to a recent survey commissioned by Allianz Australia, most young Australians are willing to keep their hobbies, despite the rising cost of living. The study found that nearly 60 per cent of young Aussies are unwilling to consider abandoning their pursuits, with many unsure of how much they are spending or the total value of their items.

Amid the new-found frugality, almost 60 per cent of young Australians won’t cut back on their hobbies as rising costs bite. Picture: Zach Hogg

The research revealed that 2.3 million young Australians dedicate at least one hour per day to a hobby, ranging from exercises like hiking, yoga and the gym to books, gaming and make-up. And while most young Australians factor their hobbies into their budgets, almost half are still determining how much money they have spent on their hobbies over the past year or how much the items that make up their hobbies are collectively worth.

The study also found that over one-third of young Australians feel they need more confidence in their financial literacy knowledge and are unwilling to reveal their spending habits.

Mr Wale tinkers with computer keyboards in his spare time, with research finding young people spend at least an hour a day on a hobby.

As for how Australians are cutting back, takeaway food, coffee, dining out, and new clothing and shoes are the first expenses to go.

But despite the financial concerns, young Australians are committed to their hobbies.

Clinical psychologist Jaimie Bloch explained the importance of identity, self-expression, and managing stress.

“The hobbies that young Australians engage in have a direct link to identity exploration and self-expression, are a great way to learn new skills and an effective way to manage stress,” she said.

“This connection and relationship extend to the items that are integral to their hobbies, and should they become lost, stolen or damaged, this can cause significant emotional distress.”

Mr Wale agrees that his hobby has been integral to forming an identity and finding community.

“I’m ‘the tech guy’, because people always see me with a keyboard, a desk mat, everything else,” he said.

Despite financial concerns, hobbies are a good way to manage stress, according to a psychologist.

“I can say there are definitely some friendships that I’ve solidified further on top of things we already have in common. Or just befriended new people as well,” he said.

As for copping flak over his decision to keep his expensive hobby alive, Mr Wale said: “It’s 50/50 of people are happy for me to keep it going.”

The data revealed that one-eighth of young Australians have an estimated value of over $5000 invested in their hobbies, and less than half of those are insured.

Allianz Australia head of home, Rachael Poole, encouraged young Australians to assess the value of their hobbies and consider whether insurance is needed.

“Hobbies are an important part of our lives and are worth protecting for the long run, which is where insurance can come in,” she said.

“However, our research shows that awareness about the role that insurance can play is going unnoticed.”

Originally published as ‘My prized possession’: One thing skint young Aussies won’t give up