Bendigo and Adelaide Bank has launched a new social media campaign offering advice on how Australians can navigate cost-of-living pressures and tackle their budgets.
The aim of the Australia’s better big bank helping more Australians get on top of their budgets campaign is to empower those feeling the pinch and can include embracing a side hustle, shopping tips, negotiating better rates with energy providers and removing the millions of dollars wasted yearly on streaming services.
Bendigo and Adelaide Bank general manager of retail banking Dennis Teale (pictured above) said the bank wanted to provide customers with actionable ideas and help stretch their dollar further.
“Our purpose at Bendigo and Adelaide Bank is to support our customers and the communities we live in. We have a responsibility to help make them stronger, more prosperous and more financially secure,” Teale said. “This philosophy has helped established Bendigo and Adelaide Bank as Australia’s most trusted bank and this campaign is an extension of our long-standing purpose.”
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Teale said the Federal Government’s recent National Financial Capability Strategy revealed only 29% of Australians considered themselves to be living comfortably. The report also revealed Australia’s financial literacy score was 68 out of 100 and even lower for women who had a score of just 60 out of 100.
“These statistics prove there is a need for practical financial education. We want to equip Australians with the right tools to balance their budgets when cost-of-living pressures are being felt,” he said. “Our social media campaign will be delivered online throughout the remainder of the year and it’s easy to understand tips and tricks will help make budgeting easier and will focus on four key actions Australians can do to save and make money.”
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Embracing the hustle and bustle
Teale said making some extra cash on the side often turned from a side hustle to a side hassle.
“We suggest embracing the side hustle by choosing something that fits neatly into a customer’s lifestyle,” he said. “From pet sitting and walking, to renting unused spaces, to flipping hard rubbish and council clean-up or op-shop finds, there’s many things everyday people can do to make that extra cash.”
Energy crunch time
Teale said we all knew just how much our bills could stack up and the cost of electricity had gone through the roof.
“This is along with insurance premiums on the march and the cost of petrol becoming prohibitively expensive,” he said. “Bendigo Bank’s advice to keep these costs down is to shop around for better prices with rival providers, throw a jumper on first before you crank the heater and think about how you can ride a bike, walk, or run instead of driving.”
Food for thought
Teale said millions of Australians were in complete shock after checking their supermarket receipts and pondering how a weekly shop could be so expensive.
“There’s no doubt about it, the price of everyday items has gone up thanks to supply constraints and other inflationary inputs,” he said. “By reducing meat consumption or buying cheaper cuts and using a slow cooker, to making double batches of your favourite casserole and swapping one with someone close and always shopping locally and in season, there are many ways Australians can save on their weekly shops.”
Deal or no deal
Teale said Australians wasted $390 million yearly on unused streaming services.
“That is more than three times the cost of the Opera House and proves it’s time every Australian sat down and did their own streaming services audit,” he said. “The same goes for gym memberships that barely get used. By choosing to walk, run or ride into work or your next event – that could save thousands on petrol costs and that monthly debit from your local gym.”
