Accountants ‘at epicentre’ of growth in non-bank finance
Accountants are helping open the door to alternative sources of finance and investment as the trusted advisers to...READ MORE
Australians are making big changes due to the rising cost of living and are focussing more on their outgoings, prioritising essentials and cutting back where they can.
According to the latest NAB Consumer Sentiment report half of consumers are switching to cheaper brands and shopping around, turning off electrical appliances and lights and making fewer car trips to save petrol.
More than four in 10 have cancelled or cut back on food delivery and entertainment, coffees, snacks and lunches. Encouragingly, four in 10 have created or are now following a budget and keeping a better track of their spending. This has important implications for how businesses must position themselves to align with changing consumer sentiment and behaviours.
The top five ways Australians are changing their spending behaviours are:
The top five ways Australians are changing their lifestyle behaviours are:
NAB group executive for personal banking, Rachel Slade, acknowledged that there are some individuals who may be feeling the cost-of-living pressures.
“When we look at our customers, as a whole they are in a really good position right now – in fact 70 per cent are ahead on their mortgage payments giving them financial flexibility,” she said.
“There are many things we can do to help from discussing flexibility around home loan payments to providing tailored budgeting tools. And we are seeing many customers make their own adjustments – 40 per cent of Australians are now creating and following a budget which is brilliant.”