New research commissioned by the BPAY group has revealed some scary insights into Australians’ bill payment habits. The survey divided people on into five personality types, some partly related to age:
|Big Picture Organisers (28%)||Experienced and capable with their finances – but not obsessive. They seek convenience alongside security.|
|Life Jugglers (27%)||Don’t manage their ﬁnances proactively and many lack the confidence to do so. They are keen for simple processes with customer support and information.|
|Rigid Record Keepers (19%)||Rigorous in managing their ﬁnances. Most have an effective system and keep a record of what they pay. They are less likely to report ﬁnancial stress. They prioritise security and are less likely to want on-the-go functionality.|
|Mobile and Evolving (19%)||Often pay bills at the very last minute or after the due date, and see them themselves as disorganised. This group report ﬁnancial stress and many log into their banking app at least once per day.|
|Novice and Emerging (7%)||This group are aged 25 and under, and many still live with their parents. They are much less engaged with financial matters and less likely to be fully responsible for household bills. The bills they do get are less likely to come as paper bills or attached in an email.|
It is surprising that over 25% of Australians are either “disorganised” or unengaged with their finances. The really worrying pattern though is the number of younger people carrying these habits into later life – and storing up trouble for the future! Though other surveys divide bill-payers into different personality types, the results are depressingly similar – many people pay late or at the last minute, and a scary number of young people are simply failing to organise bill payment – a crucial element of building good credit and achieving financial success. We took a closer look at this in our previous post, Survivor Meet Wealth Builder.
Mobile and Evolving – but to Where?
The Mobile and Evolving group – typically aged under 39 – frequently pay their bills either at the last minute or past their due date. Unlike the novice group, these are adults, responsible for their own finances. Yet fully 89% of this group reported that their finances were a cause of stress. The Mobile and Evolving group was also the “most susceptible” to frustrations caused by the bill-paying process, with 80 per cent saying they “hate paying their bills”. In contrast, only 18 per cent of the Rigid Record Keepers hate paying their bills. If you are self identifying here, then it is definitely worth taking a step back and thinking about why and what are the underlying causes of this hatred. We would argue that it is really based on having better things to do with your life, but the important thing is not to let this dislike drive you to financial failure.
Defeat the Hated Routine
If hating paying bills sounds familiar, and being late is the rule rather than the exception, you are probably a Life Juggler, a Mobile payer, or a Novice. Don’t let this negative pattern take hold and ruin your credit rating and your bank balance – instead, talk to Bill Butler about removing the source of the problem: get yourself a butler, and literally never pay a bill yourself again.