New research has revealed younger Australians are pulling back on recreational spending to cover costs like mortgage repayments, rent and other essential expenses, while older Australians are enjoying more travel and dining out.

KPMG Urban Economist Terry Rawnsley spoke to 6PR Radio Perth Live presenter Oliver Peterson and said home loan repayments and food were the top two categories where household spending was prioritised across all the four age groups.

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Image: iStock.

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