Invest
How avoiding a common mistake can help you save more
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.
How avoiding a common mistake can help you save more
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.
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.
About the author
About the author
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more