Invest
Australians feeling disconnected from their financial institutions
Research conducted by loan provider Pepper Money shows that many Australians don’t feel their financial institution understands their needs and goals, leaving many to “fall through the cracks”.
Australians feeling disconnected from their financial institutions
Research conducted by loan provider Pepper Money shows that many Australians don’t feel their financial institution understands their needs and goals, leaving many to “fall through the cracks”.
According to the research, 42 per cent of Australians feel their main financial institution does not understand their goals or needs.
“The research shows there is a growing disconnect between Australians and financial institutions, which is causing many Aussies to fall through the cracks,” said Mario Rehayem, the managing director of Australian mortgages and personal loans at Pepper Money.
Furthermore, 63 per cent of Australians are withholding information from their main financial institution, with around 10 per cent concerned about having all of their information in one place.
“There is an element of trust that is extremely important when working with consumers on their finances,” Mr Rehayem said.
“What this research really shows is that there is a clear disconnect between Australians and the financial institutions that operate to ‘serve them’, leading to a significant group of Australians being underserviced and potentially getting lost in the system.”
Loan approvals were one of the areas in which Australians getting ‘lost’ was evident, with 18 per cent of Australians saying they had been knocked back for a loan from their financial institution, and 54 per cent of these people saying they were unaware of other options for accessing loans.
“We have always understood the there is a number of Australians who could not access loans due to being rejected by financial institutions, and our recent research shows how big this number is,” Mr Rehayem said.
“We want to educate Aussies about all the options available to them and for them to know that a no from a big bank, doesn’t have to be the end of the line for them.”
Spending
Aussies’ spending on subscription rises, but will it stick?
Aussies carved out a greater slice of their spending budgets when it came to streaming services during the pandemic. ...Read more
Spending
Qantas announces $2.3bn loss but plans to be flying again by Christmas
Australia’s national carrier has revealed the devastating impacts border closures have had on the company, while noting a possible return date to international operations in its full-year market upd...Read more
Spending
Will your frequent flyer status be impacted by COVID?
In the latest bid to kick-start the travel industry post-lockdowns, Australia’s largest airline has announced that it is rewarding its frequent flyers by extending their status. ...Read more
Spending
‘Technology, not taxes’: Why not both?
The government has joined the rest of the world in looking to offset carbon emissions, albeit through technology, not taxes, despite the possibility that positive taxes and incentives could potentiall...Read more
Spending
Social media spending balloons to $118bn
Australians are spending a whopping $118 billion on discretionary items through social media and apps, fresh figures have revealed. ...Read more
Spending
Why payphones are set to become free
Australians will now be able to make free calls from any Telstra payphone under a new initiative aimed at helping those who are in need, Telstra’s CEO has revealed. ...Read more
Spending
7 surprisingly simple ways to save money and help the environment
The rising costs of living is providing consumers with a rare win-win scenario by saving money and helping the environment. ...Read more
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
APRA’s mortgage crackdown, the power of DeFi and last-minute tax tips
Listen now
What to expect as the end of lockdown looms? Will the Stage 2 tax cuts boost your tax return? Where should investors be looking as the economy reopens?
Listen now
Could property prices inflate by another 20%? What’s happening in recent dividend announcements? Did your fund fail the YFYS test?
Listen now
What does the NSW regional permit mean for property investors? Who really wins from the BHP-Woodside merger?
Listen now
Spending
Aussies’ spending on subscription rises, but will it stick?
Aussies carved out a greater slice of their spending budgets when it came to streaming services during the pandemic. ...Read more
Spending
Qantas announces $2.3bn loss but plans to be flying again by Christmas
Australia’s national carrier has revealed the devastating impacts border closures have had on the company, while noting a possible return date to international operations in its full-year market upd...Read more
Spending
Will your frequent flyer status be impacted by COVID?
In the latest bid to kick-start the travel industry post-lockdowns, Australia’s largest airline has announced that it is rewarding its frequent flyers by extending their status. ...Read more
Spending
‘Technology, not taxes’: Why not both?
The government has joined the rest of the world in looking to offset carbon emissions, albeit through technology, not taxes, despite the possibility that positive taxes and incentives could potentiall...Read more
Spending
Social media spending balloons to $118bn
Australians are spending a whopping $118 billion on discretionary items through social media and apps, fresh figures have revealed. ...Read more
Spending
Why payphones are set to become free
Australians will now be able to make free calls from any Telstra payphone under a new initiative aimed at helping those who are in need, Telstra’s CEO has revealed. ...Read more
Spending
7 surprisingly simple ways to save money and help the environment
The rising costs of living is providing consumers with a rare win-win scenario by saving money and helping the environment. ...Read more
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
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
