Budget blunders: 13 money mistakes costing Australians
Money mishaps are plaguing millions of people, according to new research by Finder.
Australians have shared their biggest money mistakes, including spending too much on food delivery and failing to submit their tax return.
The Finder survey of 1,008 respondents revealed 68% of Australians – equivalent to 14.2 million people – admit to making a financial faux pas.
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.
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.
Sarah Megginson, personal finance expert Finder, said the data revealed some of the most common ways Aussies waste money.
"One of the frequent ways households get into financial trouble is through unnecessary spending.
"Many Australians report overspending on shopping, dining out, and delivery services."
Megginson said the cost of living crisis has caused millions of Aussies to take a second look at their spending habits.
"It's more important than ever to plug money leaks."
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.
"The burden of late bills and missed repayments suggests a need for greater financial literacy among consumers," Megginson said.
Megginson urged Aussies to reign in frivolous spending and set financial boundaries for themselves.
"The start of the year is a great time to reevaluate your lifestyle and spending habits.
"Continuing to make money mistakes can lead to a cycle of debt and financial instability.
"The long-term consequences of these habits can leave consumers struggling to build wealth and achieve financial goals."
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 |  |
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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