Retirement
Understanding your bill-paying habits
A study conducted by payments company Bpay has identified five different ‘personalities’ among Australian bill payers, each managing their finances differently to better or worse effect.
Understanding your bill-paying habits
A study conducted by payments company Bpay has identified five different ‘personalities’ among Australian bill payers, each managing their finances differently to better or worse effect.
Bpay surveyed 1,000 bill-paying Australians between the ages of 18 and 65 in late 2016 and found a number of different habits and attitudes, which they grouped into five different ‘personalities’.
The most prevalent of these, accounting for 28 per cent of the respondents, were Big Picture Organisers, people who are “experienced and capable” with managing their finances, but who are not obsessive.
According to the study, Big Picture Organisers want convenience and security in their approach to bill paying.
The second most common were Life Jugglers, time-poor individuals who often lack the confidence to pro-actively manage their finances and look for “simple processes with customer support and information”.
Life Jugglers made up 27 per cent of the surveyed bill payers.
Tied for third and fourth most common with 19 per cent of the respondents each were the Rigid Record Keepers and the Mobile and Evolving groups.
Rigid Record Keepers “have an effective system and keep a record of what they pay” and are less likely than their peers to experience finance-related stress. Australians in this group prioritise the security of their bill-paying system and are less interested in ‘on the go’ functions.
However, the Mobile and Evolving group – typically aged between 18 and 39 – often experienced financial stress and regularly pay their bills either at the last minute or past their due date.
Eighty-nine per cent of this group reported that their finances were a cause of stress. The Mobile and Evolving group was also the “most susceptible” to frustrations caused by the bill-paying process, with 80 per cent saying they hate paying their bills. In contrast, only 18 per cent of the Rigid Record Keepers hate paying their bills.
The smallest group, representing the remaining 7 per cent, was Novice and Emerging bill payers – those aged between 18 and 25 who typically still live with their parents.
RELATED ARTICLES
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
