Budget blunders: 13 money mistakes costing Australians
Money mishaps are plaguing millions of people, according to new research by Finder.
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Australians have shared their biggest money mistakes, including spending too much on food delivery and failing to submit their tax return.
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The Finder survey of 1,008 respondents revealed 68% of Australians – equivalent to 14.2 million people – admit to making a financial faux pas.
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The research found more than 1 in 3 (34%) regret spending too much money shopping, while 1 in 4 (25%) say paying bills late was their biggest money mistake.
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Spending too much at bars and pubs (19%), getting into credit card debt (19%), overspending on food delivery services (16%) and paying for unused memberships and subscriptions rounded out Australians' top 6 financial slip-ups.
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Sarah Megginson, personal finance expert Finder, said the data revealed some of the most common ways Aussies waste money.
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"One of the frequent ways households get into financial trouble is through unnecessary spending.
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"Many Australians report overspending on shopping, dining out, and delivery services."
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Megginson said the cost of living crisis has caused millions of Aussies to take a second look at their spending habits.
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"It's more important than ever to plug money leaks."
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Finder's research found 1 in 10 Australians (11%) have missed a Buy Now Pay Later repayment, while 10% mistakenly took out a bad loan.
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"The burden of late bills and missed repayments suggests a need for greater financial literacy among consumers," Megginson said.
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Megginson urged Aussies to reign in frivolous spending and set financial boundaries for themselves.
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"The start of the year is a great time to reevaluate your lifestyle and spending habits.
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"Continuing to make money mistakes can lead to a cycle of debt and financial instability.
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"The long-term consequences of these habits can leave consumers struggling to build wealth and achieve financial goals."
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Have you made any of the following money mistakes?
| Spent too much money on shopping | 34% |
| Paid bills late | 25% |
| Spent too much money going out to bars/pubs/clubs | 19% |
| Got into credit card debt | 19% |
| Overspent on food delivery services (e.g. UberEats, Menulog) | 16% |
| Paid for unused subscriptions (e.g. gym, streaming etc) | 15% |
| Missed Buy Now Pay Later repayments | 11% |
| Took out a bad loan (ie. high interest payday loan, car loan, home loan) | 10% |
| Had multiple superannuation accounts at the same time | 9% |
| Overpaid for insurance (eg. health insurance, car insurance etc) | 6% |
| Didn't submit a tax return | 6% |
| Overpaid for a house | 5% |
| Didn't take out insurance | 5% |
| None of the above | 32% |
| Source: Finder survey of 1,008 respondents, October 2024 |  |
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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 1,008 respondents from October 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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Sources
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