- Over one-in-four Australians have a better understanding of their finances
- Almost one-in-two feel more confident shopping for better deals
- NAB's $0 monthly account fee transaction account has saved customers more than $500m
With cost-of-living pressures continuing to squeeze household budgets, new NAB research reveals more than one-in-four Australians say they now have a better understanding of their personal finances compared to a year ago.
The same research also shows nearly one-in-two feel more confident shopping around for better value products and services.
So, what does this shift look like in practice?
These are the four most common money moves Australians are making right now, according to NAB's latest Consumer Sentiment report, and a banking hack that's saved Aussies over half a billion dollars in account fees since 2010.
- Cutting back on eating out
58% of Australians are eating out less, making it the most common lifestyle change in response to higher prices. And it's working. Those cutting back are saving an average of $123 per month.
2. Scaling back on entertainment
51% of Australians are spending less on entertainment like movies, concerts and events. A clear sign that discretionary spending is still under pressure. Those who've cut back are saving an average of $61 per month.
3. Ditching fees on transaction banking accounts
More than seven million Australians have signed up to NAB's $0 monthly account fee transaction account, saving customers a combined $500 million in account fees since 2010. It remains the only $0 account fee transaction account offered by a major bank in Australia.
4. Saying no to micro-treats
48% have reduced spending on everyday extras like takeaway coffee and snacks. While small individually, these add up fast, saving the average person around $61 per month.
5. The great "subscription audit"
More than one-in-three Australians say they've cut back on food delivery, saving an average of $92 per month, while a similar number have reduced paid streaming services, saving about $31 per month. Together they form part of a growing "subscription audit" trend as people reassess recurring, convenience-based spending.
NAB customer Isabella Carlini-Rath said she's trying to rein in those 'treat me' moments, spending less when she eats out and thinking twice before tapping.
"I've definitely been feeling the pinch lately," Isabella said.
"I used to buy takeaway coffee every day, but now I'm cutting back.
"And I've been using the NAB app to go through my upcoming recurring payments and check what's actually coming out each month. There were a few subscriptions I thought I had cancelled - music, food delivery, video streaming - but they were still charging me. It really adds up."
"It's so helpful not being stung with account fees, that's one of the reasons I opened a transaction account with NAB. It's money I'd rather spend on myself."
NAB Executive Kylie Young said Australians are continuing to take small, deliberate steps to stay on top of their finances, with many rethinking how they spend, save, and bank.
"Australians have proven they're great budgeters, having kept their budgeting muscle in great shape throughout the past few years of higher prices. It's not about extreme cutbacks but rather taking control in smaller ways that genuinely add up to meaningful savings," said Ms Young.
And we want to support them with tools and products – like our $0 monthly account fee transaction account – that make those decisions easier."
Ms Young also notes that consumer stress has dropped to its lowest point in two years, thanks to easing cost-of-living pressures and growing hope around more interest rate cuts.
"There's still stress out there, but this is the first time we're seeing evidence that there is light at the end of the tunnel with Aussies feeling cautiously optimistic and a little more in control of their finances."
