Save
Aussies missing out on $10bn in unclaimed benefits
The Australian public is missing out on $10 billion in unclaimed benefits, rebates and concession payments each year, according to new research.
Aussies missing out on $10bn in unclaimed benefits
The Australian public is missing out on $10 billion in unclaimed benefits, rebates and concession payments each year, according to new research.
The Commonwealth Bank has crunched the numbers and found that there are more than 250 potential benefits that customers are not taking advantage of, including green slip refunds, energy rebates, toll relief, carer allowances as well as help with kids’ activities.
Chief digital officer at the bank Pete Steel said that while each rebate or benefit individually might not seem like much, when combined it all adds up.
“Collectively, these can add up to a significant amount per household, leaving more money to help pay for everyday expenses and to save for the things that matter,” Mr Steel commented.
The new findings follow CommBank’s research that showed one in three Australians struggles with money management and two in five are unprepared to handle a large unexpected expense.
CommBank noted it has been working with the Harvard Sustainability Transparency Accountability and Research (STAR) Lab to better understand how to help customers manage their money.
Harvard STAR Lab professor Michael Hiscox and his team offered up insight and noted that time constraints and a lack of information as holding Aussies back.
“Past research has shown that individuals who qualify for benefits often do not receive them because they are unaware they are eligible or because the processes for accessing benefits are complicated and time-consuming,” the professor outlined.
With 90 per cent of Australians wanting banks to provide advice on consumer spending, saving and helping achieve customers’ lifestyle and financial goals, CommBank indicated a belief that highlighting this information can help customers to better manage their money.
“Our data shows there are some large amounts people are entitled to, with many unaware of what they can claim,” Mr Steel noted.
“Making it easier for our customers to see what they may be entitled to is just one way we are working to improve our customers’ financial wellbeing.”
About the author
About the author
Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. ...Read more
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. ...Read more
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. ...Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. ...Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. ...Read more
Expenses
Half-price flight scheme launches today
Aussies are being offered half-price flights as the government looks to spur domestic travel to regions it has defined as key to economic recovery. ...Read more
Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more
Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more
Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
