Invest
Aussies losing $466m in loose change every year
The amount of small change lost by the Australian adult population every year is enough to buy Australia’s most expensive house nearly seven times over, or a whole lot of avocado on toast.
Aussies losing $466m in loose change every year
The amount of small change lost by the Australian adult population every year is enough to buy Australia’s most expensive house nearly seven times over, or a whole lot of avocado on toast.
According to new data from ING, more than half of Australian adults “don’t think twice” about losing spare change and this is costing them $38.85 million a month.
That’s equivalent to $466 million year, or the $70 million+ sale price of the Point Piper mansion, ‘Elaine’, seven times over.
“The research shows that we’re literally throwing away money by paying with cash. Those loose coins could be adding up to a tidy sum but most of us don’t even think twice about them,” said ING’s head of product, Tim Newman.
Millennials are the most flippant with their spare change, with 40 per cent of those between 18 and 34 losing up to $10 a month.
More than a third (36 per cent) of those who are 35-49 are losing up to $10 a month. Older Australians are less likely to lose change, with just 19 per cent of those between 50 and 64 and 15 per cent of those older than 65 losing up to $10 a month.
Women tend to be more careful with their loose change, with just over one-quarter (26 per cent) losing up to $10 a month. That’s compared to one-third of men.
ING adds that it’s not just money that’s being lost. Twenty-eight per cent of respondents of the more than 1,000 surveyed said they “hate carrying coins” and 11 per cent said they hate it so much that they actually throw loose change away.
Why are we throwing our money away?
Forty per cent of respondents said that they throw away loose change because they “can’t use 5 cents”.
Twenty-nine per cent said it’s because they find the coins inconvenient.
Twenty-seven per cent said it “bulks up their wallet”.
However, 40 per cent of respondents said finding loose change makes them feel happy and 17 per cent said it made them feel “pleased or smug”.
“It’s ironic that many people will actually throw away their spare change, however get satisfaction out of finding money,” said Mr Newman.
“Many people are eliminating the ‘inconvenience’ of cash by turning to contactless payment methods such as mobile pay. Not only can contactless payments ensure you’re not carrying loose change, contactless also ensures you’re not losing or throwing your money away,” he continued.
The research was carried out to coincide with ING’s new digital savings tool, Everyday Round Up, which allows people to save and earn interest on their “loose change” by funnelling the “loose change” accrued through purchases into a savings maximiser account.
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?
Listen now
Will lockdowns halt the housing boom? Is the metaverse taking over? And the cons of lodging your tax returns early
Listen now
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Are property prices set to crash? Should you jump on board the fintok craze? And how to prepare for this tax time
Listen now
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
