Can't buy me love; Aussies spend $23 million on Valentine's Day

Can't buy me love; Aussies spend $23 million on Valentine's Day

Last Valentine’s Day, Aussies spent over $23 million dollars on romance, with millennials putting other generations to shame with how much they’re willing to spend on love.

Figures released by Commonwealth Bank (CBA) show that Australians spent $13.6 million on dinner, $7 million on drinks and $3.2 million on flowers last Valentine’s day. This is 60 per cent higher than the average spending figures for these items compared to “an average Tuesday” last February.

Commonwealth Bank General Manager, Everyday Banking and Payments, Michael Baumann, said “with spend on Valentine’s Day rising 15 per cent on 2016, it’s clear that love doesn’t come cheap anymore.

“Aussies looking to treat their partner with dinner, drinks and flowers should expect to splash out around $136 on the big day.”

Roses are red, violets are blue…

CBA also found that romantic Aussies were spending almost double on a bouquet of flowers ($61) than on dinner ($32). We also spent 66 per cent more at a florist for Valentine’s Day in 2017 than for 2016.

In fact, it appears we’re gravitating towards cheaper eats over fancy food, with the average Valentine’s Day dinner bill falling to $32 in 2017 from $44 in 2016.

For those staying in, alcohol sales on Valentine’s Day were also reported to have increased 8 per cent year-on-year.

Young love: millennials are “putting their parents to shame”

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CBA also found that the “most romantic” group are those aged 26-35, accounting for 38 per cent of all florist spend and 36 of all restaurant spend. This was followed by 18-25 year olds, taking up 20 per cent of restaurant spending.

It appears Valentine’s Day participation tapers off the older Aussies get. Those aged 36-45 made up 21 per cent of florist spending, 46-55 year olds made up 13 per cent, 56-65 year olds make up 7 per cent and for those over 66 account for only 3 per cent for florist spending.

Although the over 66 group aren’t as involved in the romantic celebrations, it appears when they do Valentine’s Day they “do so in style”, spending $206 on flowers, drinks and dinner.

“Younger couples aged 18 to 25 spend a more conservative $101 on average,” explained Mr Baumann.

“Overall, men spend more than women, buying up 83 per cent of all flowers purchased on Valentine’s Day, and footing 70 per cent of all restaurant bills.”

How to do Valentine’s Day on a budget:

CBA’s top tips for Valentine’s Day:

  • Beat the crowds by ordering your flowers ahead online and dining out on 13 February – far fewer Aussies dine out the day before.
  • Dining out on the cheap is in, so don’t be afraid to pick an affordable favourite.
  • With the cost of dinner, drinks, flowers, and the ride home to think about, set yourself a budget and stick to it.

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How do you open a bank account in Australia?

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

Are bank accounts frozen when someone dies?

Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.

If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.

Can I start a bank account online?

Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.

Can you deposit money into somebody else's bank account?

One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.

The basic information you need to deposit money into a third-party bank account is:

  • Payee’s name
  • Bank, building society or credit union (though this isn’t necessary)
  • BSB (or bank code, which is the branch identifier)
  • Account number

Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.

A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.

Opening a bank account for someone under 18

How can I close a Commonwealth Bank account?

You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

Can foreigners open bank account in Australia?

If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.

Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.

How do I close my bank account online?

You can usually easily open a bank account online, but you often can’t close it online.

Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.

However, some banks will let you request to close the account via your internet banking. Check your financial provider’s website for details.

Just remember: If you still have funds in the bank account, transfer them to another account, or withdraw the cash. Also, if you have any payments like direct debits going in or out of the bank account, these will also stop when you close your account.

What do I need to open bank accounts online?

Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.

Information to have available when you’re ready to apply is:

  • Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
  • Tax file number
  • Residential address, email and a contact number

In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.

There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.

How do I overdraw my Commonwealth Bank account?

Overdrawing a bank account can happen by accident. It’s often hard to know what your balance is, particularly with direct debits, scheduled repayments and pending transactions competing for cash.

To avoid being stuck with a bank fee every time your account is overdrawn, you can apply for a personal overdraft. This will enable you to overdraw your account up to an approved amount.

A personal overdraft is connected to your CommBank Everyday Account, so you can enjoy easy access to extra funds once approved – anywhere from $100 up to $20,000.

Your overdraft funds can be accessed via your CommBank keycard or Debit MasterCard, or online through NetBank and the CommBank app.

To apply you can either call the Commonwealth Bank directly or visit your local branch.

How do you deposit change into your bank account?

One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How do you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.

How do you change your account name on NAB banking?

Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

  • Married – a marriage certificate
  • Divorced –your ‘decree nisi’
  • Legal name change –your legal name change certificate

You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.

Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.

If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.