With daylight savings starting next Sunday, Westpac NZ is reminding people to spring-clean their spending, as new data from the bank shows around 10% of its customers paying for TV subscriptions are shelling out $80 or more a month.
Westpac NZ Managing Director Product, Sustainability & Marketing, Sarah Hearn, says with lighter evenings on the way, people may want to review their winter entertainment spending.
"Some people may want to keep all their services, but we know other people may have just lost track of how many subscriptions they're currently paying for.
"Our data shows around 15% of our customers who are paying for TV subscriptions currently have three or more subscriptions - up from 9% on the same timeframe last year - so it's worth taking the time to look at what you're signed up for."
The Westpac data includes subscriptions such as Netflix or Disney+, as well as Sky TV.
"We know the cost of living is something that's been a concern for many people this year and some people may have already been looking to cut back on their spending," Ms Hearn says.
"TV subscriptions can be a classic spending 'leak' - our data shows 10% of customers paying for TV subscriptions are paying $80 or more each month, while 7% are spending at least $100 a month."
The Westpac data showed TV subscription spend over the winter months was up 5% this year compared to last year, with customers spending a median of $34 each month on at least one streaming or TV service during May, June and July.
Younger customers spent slightly less than older customers - those aged 18-29 typically spent $26 per month, compared to $34 per month for those in the 30-49 and 50+ age groups.
Ms Hearn says using the change of season as a kickstarter to review your budget can be helpful to get ahead of the summer holiday period, which can be an expensive time for many people.
"Spend an hour or two looking through your outgoings over the last few months and identify any regular payments that you may not need any more or could cut back on," she says.
"There are lots of free resources online that can help with budget planning, as well as tools such as Westpac's CashNav app that make it easier to keep track of your spending.
"We're also providing our customers with more information about their transactions through our partnership with New Zealand-owned fintech Akahu.
"Akahu's transaction enrichment is a capability within Westpac One that provides more meaningful, customer-friendly information about transactions. Details customers can access include business names, categories, locations, maps and logos, making it much easier for people to understand where and how they have spent their money.
"In the first eight months of transaction enrichment being available, nearly 800,000 customers viewed the details of more than 15 million transactions via mobile.
"Providing people with a clearer view of their spending is another way we can help our customers to keep their budgets on track."
