04/11/2024 | Press release | Distributed by Public on 04/10/2024 13:42
New NAB consumer sentiment data shows consumers are less stressed about their job security, health, funding their retirement and government policy for the first time since late 2022 and, while still elevated, concerns over the cost of living moderated for the third quarter in a row.
Australians are demonstrating 'smarter spending' behaviours and doubling down on careful cutbacks to help contend with the higher cost of living:
NAB Personal Banking Group Executive Rachel Slade said Australians were becoming more sophisticated as they fine-tuned their spending and saving behaviours and used budgeting tools on offer from their bank.
"Australians are embracing 'smarter spending' to help them manage the cost of living and keep their budgets under control," Ms Slade said.
"Carefully cutting back might mean a small tweak to spending on coffees and food delivery or making holiday plans that are more budget conscious to prioritise things for themselves, their kids or their family.
"Australians are becoming more sophisticated in their spending and saving behaviour with the tools on offer from their bank, allowing them to make the best decisions with the full picture of their finances.
"Real time notifications and spending insights are helping people to keep track of where their money is going while budgeting and goal setting apps allow people to craft their own plans for their personal finances."
More than 1.5 million NAB customers are using the spending feature across the NAB app and internet banking, a 62% jump since mid-2023.
The tool automatically categorises transaction data so customers can better identify where their direct debits are going, removing the need to trawl through old statements. Customers can quickly see their spend on subscriptions, memberships, insurance, gym and health, grocery bills and other payments all in one place.
NAB provides these services by enhancing the transaction data of its over three million digital customers to deliver personalised spending insights that help customers better manage their money.
"While cost of living concerns easing is welcome news, we know averages can mask those on the margins who really need support," Ms Slade said.
"If you're concerned about your financial situation, the message is to reach out to your bank at the earliest possible opportunity if you need support."