Retirement
‘Not paying attention’ costing Aussies $4bn
Overwhelmed and disengaged Australians are wasting billions of dollars a year by simply not paying attention to their spending habits, a CEO has flagged.
‘Not paying attention’ costing Aussies $4bn
Overwhelmed and disengaged Australians are wasting billions of dollars a year by simply not paying attention to their spending habits, a CEO has flagged.
Rest Superannuation has examined the avoidable costs that are hitting Australians’ back pockets, and discovered that as a nation, we are pouring $3.9 billion down the drain through unused apps, services and memberships.
In a conversation with nestegg, Rest CEO Vicki Doyle said simple engagement with monthly statements can help Australians get back on track.
“Three in five Aussies are paying for services they don’t use anymore,” she flagged.
On average, it’s three monthly subscriptions costing nearly $40 a month.
“If you could sit down and grab your bank statement [and] cancel those subscriptions, it’s $500 a year and nearly $6,000 over 10 years,” she calculated.
“It’s a lot of money that could easily be saved into your own bank or superannuation account,” Ms Doyle noted.
Another issue unveiled by Rest that is costing money is the “time-poor nature” of Australians, which results in the putting of finances on the backburner.
“We know that people are time-poor and have to juggle an enormous number of commitments,” Ms Doyle said.
Rest’s research showed that four in five Australians avoid taking action on their finances “because they’re too busy, it takes too long, or they don’t know where to start,” according to the CEO.
Ms Doyle is advocating for finance to be taught in schools as a way to help Australians better understand the importance of financial literacy before entering full-time employment.
“Financial literacy is challenging and quite complicated,” she said.
“I fundamentally support that in schools we should be learning the basics of finances instead of some other topics we might not use” to better prepare for the future, Ms Doyle concluded.
RELATED ARTICLES
About the author
About the author
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
