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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.”
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