Young Australians are spending over $2 billion on festivals
If you're the one doing all the organising, chances are you're paying 10% more than your mates.
We're a nation of ravers, with 58% of Australian millennials attending festivals, which are costing us a combined $2.2 billion annually. New research from bill-splitting instant payments app Beem It reveals that the most avid festival goers are spending over $1000 a year on these events.
And if you're the one in your group of friends doing most of the organising (booking tickets, arranging the accommodation etc.), you're also likely to be paying more. It's easy to forget about the costs of booking fees and payment surcharges, which might only be a few dollars per person but can quickly add up for large groups. The research by Beem It found that of the millennials who do all the organising for their friends for group activities, two in five end up paying 10% more than their mates.
And to make things worse, not only are they paying more and having to deal with all the planning and logistics, but they're also having a hard time getting paid back what they're owed. Well over half (61%) of young Australians admit to not paying back their share of the costs straight away for group activities. Unsurprisingly, punters identified having to chase their friends for money after the festival is over as their top frustration. And even when they do finally get around to paying, half of millennials say there's always that one friend who doesn't pay them back in full.
In line with this research, Beem It has increased its daily money transfer limit from $200 to $500. The app, a joint project developed by Westpac, NAB and CBA, allows any Australian with a debit card to instantly send, receive and request money to and from friends and family. The app officially launched to consumers back in May, and the company announced Beem It for Business in October. The app is free to download to both iOS and Android devices.