Cutting back on insurance is the first thing Aussies plan to do to deal with ongoing financial uncertainty, according to a new study by comparethemarket.com.au.

More than three quarters of Australians plan to make changes to their household finances this year. Health insurance, car insurance and home and contents insurance will be axed first, reported news.com.au citing the report.

The survey of almost 1,100 people found that almost two-thirds would review their health insurance, half would check their car insurance and more than 40% would review energy plans and home and contents insurance.

It also found that 44% of people plan to cut back on personal spending such as clothes and eating out, 41% plan to reduce energy usage, 35% will buy less groceries and 19% will downgrade or cancel travel plans.

Comparethemarket.com.au’s general manager of banking, Mr Rod Attrill, said households are more focused on their own financial situation amid uncertainty around interest rates and housing markets.