Yahoo Finance Micro-treats, driving: How Aussies are saving $286 a month
NAB has surveyed 570,000 customers to find out how they’re coping in the cost-of-living crisis.
The cost-of-living crisis has been going on so long it can sometimes be hard to think of a time before it. And in dealing with ongoing cost pressures, Aussies have shared how they have managed to cut back.
NAB reached more than 570,000 customers through its check-in program since May 2022, which revealed key insights into how Aussies were coping with economic pressure.
NAB executive personal banking Rachel Slade said the outreach program was an ongoing commitment for the bank.
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“Our daily outreach allows our team to remain close to customers and gives us the ability to provide support at the earliest possible signs of distress,” Slade said.
“The rising cost of living has been challenging for Australian households, but we know that our customers remain resilient and broadly in good shape.”
How are Aussies saving cash?
The check-in conversations with customers, together with new research from the bank, revealed Aussies were becoming ‘considered consumers’, with one in two having re-evaluated and prioritised what they considered valuable and making key savings elsewhere.
The research found Aussies were saving an average $286 per month by making cutbacks or shifting their spending to focus on the things they valued most.
The top areas where people were cutting back on spending included:
Eating out at restaurants – by 55 per cent of people, saving around $115 per month.
Skipping micro treats such as coffees or lunches out and trips to the movies – by around 50 per cent of people, saving $55-$60 per month.
Fewer car journeys to save on petrol and cutting out food-delivery services – by around 40 per cent of people, saving $60-$80 per month.
“Australians have become ‘considered consumers’ by prioritising those things that they consider personally valuable,” Slade said.
“For some, that means keeping the daily coffee and croissant, while for others that means saving on take-aways to secure Taylor Swift tickets – it’s about personal choice and deciding what trade-offs suit your own values and lifestyle.”
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