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Tap and uh-oh: 4.2 million Australians knocked back at checkout

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Millions of Australians have suffered the humiliation of having a purchase not go through due to lack of funds in recent months, according to new research by Finder.

The Finder survey of 1,062 respondents found a staggering 1 in 5 (20%) Australians – equivalent to 4.2 million people – have had a purchase rejected due to cashflow problems in the past three months.

The research found a worrying 7% of Aussies admit they have had to abandon a purchase, while a further 7% had to return some items due to a purchase being declined at the checkout.

The remaining 6% say they had to put the purchase on a credit card instead of their intended payment method.

Sarah Megginson, personal finance expert at Finder, said it's becoming increasingly common for consumers to have a transaction fail at point of sale.

"Many have suffered the embarrassment of insufficient funds at the till.

"The surge in living costs means many households have less cash left for groceries.

"The awkward exchange of cards or nervously trying to put items back on the shelf has become a regular occurrence for struggling Aussies."

Finder's research shows 14% of Australians personally haven't suffered a declined transaction, but have witnessed someone who has.

Megginson said this isn't lavish spending.

"This is bread at the supermarket or filling up the car because the petrol light is on.

"People often feel ashamed when they are having money troubles but this research shows you are not alone."

Megginson said it was wise to carry some old fashioned 'cash' in case of emergency.

"There are occasions where a card is rejected or the retailers' machines aren't working so it pays to keep some cash on hand."

Megginson said the ultimate solution was to bulk up emergency funds.

"While tax cuts and energy handouts might help – some Aussies need to take more extreme action to build a cash buffer.

"Right now is a great time to get a better deal on the things you have to pay for anyway like utilities and insurance.

"When it comes to financial issues, the sooner you can get on top of them, the smaller the chance you'll be scrambling for a different way to pay at checkout."

Have you had a transaction declined due to insufficient funds at the checkout in the past 3 months (e.g. at the supermarket, petrol station, restaurant etc)?
Yes, I abandoned my purchase7%
Yes, I had to return some items7%
Yes, and I put it on credit card instead6%
No, but I saw this happen to someone else14%
No, and I haven't seen this happen to anyone else66%
Source: Finder survey of 1,062 respondents, June 2024

Methodology

  • Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
  • Figures in this release are based on 1,062 respondents from June 2024.
  • The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
  • The survey has been running monthly since May 2019.

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