ING research has found that more than half of Australians do not think twice about losing loose change, and it’s costing them a collective $38.85 million a month.
The research also found Aussies are literally throwing away their money:
- One in four (28 per cent) respondents said they hate carrying coins;
- One in ten (11 per cent) so opposed to carrying loose change that they admitted to throwing it away;
- Almost all respondents (93 per cent) have thrown away 5 cent coins; while
- 29 per cent have thrown out 10 cent pieces.
The biggest culprits are 18-34 year olds, with 40 per cent losing up to $10 in loose change per month. This is followed by 35-49 year olds (36 per cent), 50-64 year olds (19 per cent) and 65+ year olds (15 per cent).
With every bit of forgotten or discarded change adding up to a whopping $446 million a year lost, it is clear our saving habits must change.
If the thought of carrying a piggy bank wherever you go is unrealistic, ING have created ‘Everyday Round Up’, a digital savings tool to help you save your loose change, and earn interest on it, without having to think about it.
How does Everyday Round Up it work?
This new fintech tool will see purchases made through the ING Orange Everyday Account rounded up to the nearest $1 or $5.
You can choose to turn this feature on and off, and set just how much you want to round up. This can be changed at any time.
The extra amount is then automatically moved into an ING Savings Maximiser account where it can earn you interest.
John has set his Everyday Round Up to round up the nearest $5. He purchases his morning coffee at $3.50. $1.50 is automatically transferred into the Savings Maximiser account, where it can accrue interest.
RateCity spoke with Tim Newman, Head of Product at ING, about their new savings tool: