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How avoiding a common mistake can help you save more

By Cameron Micallef · November 27 2019
Reading:
egg

Invest

How avoiding a common mistake can help you save more

By Cameron Micallef
November 27 2019
Reading:
egg
Food waste

How avoiding a common mistake can help you save more

author image
By Cameron Micallef · November 27 2019
Reading:
egg
Food waste

A new report has shed light on what Aussie consumers can do to reduce their weekly spend and rectify a common mistake they often make.

Australian consumers can reduce their weekly grocery spend by 13 per cent by monitoring their food waste, Rabobank’s 2019 Food Waste Report showed.

According to the report, Aussies could save $1,026 a year at the grocery store by only buying what they require.

This research comes after data showed that Australians wasted $10.1 billion dollars in 2019, up from $8.9 billion in 2018.

Head of client experience at Rabobank Australia Glenn Wealand noted that Australia ranks fourth in food wastage, with consumers being 34 per cent of the food being thrown out nationally.

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Mr Wealand highlighted that in a time when wage growth and credit is low and consumer sentiment about the broader economic environment is lower, reducing food wastage is a way to save money. 

“Out of the broader population, 58 per cent feel for their own purses and wallets say things are tough and a further 20 per cent describe it as very tough,” Mr Wealand said.

Gen Z are the biggest offenders, throwing away $1,446 in 2019, up $234 on the previous year.

Mr Wealand believes their enthusiasm about the economy could be a reason why they are carefree about their food bill. 

“The vast majority of them are feeling the economy will improve over the next 12 months, their finances will improve over the next 12 months, and generally positive about how things will turn out,” Mr Wealand said. 

Comparatively, Australia’s Baby Boomers are wasting the least, spending $498 in 2019 on unused groceries. 

The report also highlighted that not only are consumers wasting food, they are finding new ways to waste food.

“There is a new dynamic bubbling the surface in terms of food waste and that is online delivery. In online delivery, we have seen a strong movement from last year 35 per cent of the population saying they are using the services to 45 per cent in a year.

“It’s this group that generally wastes the most,” Mr Wealand said.

nestegg has previously reported how much consumers are spending on food and drinks in a year. 

How avoiding a common mistake can help you save more
Food waste
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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