B&TB&TB&T
  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Technology
  • Regulars
    • Agency Scorecards
    • Best of the Best
    • Campaigns of the Month
    • CMO Power List
    • CMOs to Watch
    • Culture Bites
    • Fast 10
    • New Business Winners
    • Spotlight on Sponsors
  • Jobs
  • Awards
    • 30 Under 30
    • B&T Awards
    • Cairns Crocodiles
    • Women In Media
    • Women Leading Tech
Search
Trending topics:
  • Cairns Crocodiles
  • Nine
  • Seven
  • Cannes Lions
  • NRL
  • WPP
  • B&T Women in Media
  • AFL
  • Thinkerbell
  • Pinterest
  • State of Origin
  • Anthony Albanese
  • imaa
  • Meta
  • ARN
  • AI
  • Spotlight on Sponsors
  • TV Ratings
  • Radio Ratings
  • Sports Marketing

  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise
© 2025 B&T. The Misfits Media Company Pty Ltd.
Reading: Aussies ‘More Engaged’ With Financial Affairs, Says Insights Consultancy Nature
Share
B&TB&T
Subscribe
Search
  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Technology
  • Regulars
    • Agency Scorecards
    • Best of the Best
    • Campaigns of the Month
    • CMO Power List
    • CMOs to Watch
    • Culture Bites
    • Fast 10
    • New Business Winners
    • Spotlight on Sponsors
  • Jobs
  • Awards
    • 30 Under 30
    • B&T Awards
    • Cairns Crocodiles
    • Women In Media
    • Women Leading Tech
Follow US
  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise
© 2025 B&T. The Misfits Media Company Pty Ltd.
B&T > Uncategorised > Aussies ‘More Engaged’ With Financial Affairs, Says Insights Consultancy Nature
Uncategorised

Aussies ‘More Engaged’ With Financial Affairs, Says Insights Consultancy Nature

Staff Writers
Published on: 10th December 2020 at 10:12 AM
Edited by Staff Writers
Share
6 Min Read
SHARE

A new study from leading strategic insights consultancy Nature reveals that the global pandemic has resulted in Australians becoming more engaged with their financial affairs.

Nature’s research, titled ‘The Way We Bank’, claims 36 per cent of Australians have been negatively affected by COVID-19, while almost two-thirds (61 per cent) think now is a good time to “shake things up” in the banking industry.

For 63 per cent of Australians, saving money has become much more important than ever before and 43 per cent of Australians have reviewed or created their budget and savings for the first time during the pandemic and will continue to do so.

Additionally, 35 per cent of Australians are regularly reviewing the market for alternative financial products, which paves the way for an uptick in money management apps and services.

Nature managing director and partner, Melbourne, Justin Connally, said: “With consumers being forced online, traditional banks have had to prioritise digital transformation and online customer service initiatives to ensure they can continue to support their customers.

“However, with restrictions now easing across the nation and ‘traditional’ ways of banking—i.e. in-branch—becoming safe once again, will consumers fall back into these traditional ways or are their new behaviours here to stay?”

Connally believes the latter, predicting banking will not fall back to its traditional delivery.

“Also, given that more Australians are working from home and will continue to do so, the demand for online banking services accessible from anywhere has increased and will stay that way.”

Neobanks have a golden opportunity to grow

As Australians become more comfortable with online banking, traditional banks risk losing consumers to emergent ‘neobanks’, banks set up with a solely online presence.

However, awareness of neobanks is low: 67 per cent of people have never heard of neobanks and prompted awareness of the leading neobank, Up, is just 32 per cent.

Eighty-two per cent of Australians aged under 55 are already open to the idea of using a digital-only bank for at least one product, Nature found, but this doesn’t mean it will be their main financial service.

Connally said: “The heightened sense of uncertainty in the wake of the pandemic allows the traditional banks to retain a level of trust that neobanks are yet to build.

“Switching to a neobank as their primary financial institution could be too risky and complicated a change for people to undertake, which begs the question: are Australians looking for short-term fixes to ride the pandemic out before implementing any major changes to how they manage their financial affairs?”

Digital ‘money management’ tools are trending

Sixty per cent of all Australians negatively affected by COVID-19 expect the next few years to be very difficult for themselves or their family, or both, Nature found.

Consequently, they are turning to digital tools as quick fixes for planning for the future.

One in three (36 per cent) are using a budgeting app, 38 per cent are constantly tracking every dollar they spend, and 44 per cent of Australians are tracking their spending from time to time.

Buy now, pay later will not slow anytime soon

For many Australians negatively affected by COVID-19, the next 12 months will be paid through instalments as a growing number of people turn to BNPL services to pay for a wide range of products and services.

According to Nature, the categories of products and services that consumers who have negatively affectively financially are most likely to use BNPL services for are:

  • Furniture and homewares (49 per cent)
  • Tech and electronics (49 per cent)
  • Holiday bookings (41 per cent)
  • Apparel (37 per cent)
  • Energy bills (33 per cent)
  • Grocery shopping (28 per cent)
  • Alcohol (22 per cent).

For many, Christmas and the holiday season will be paid through instalments: 42 per cent of Australians are considering using a BNPL service for their upcoming Christmas purchases, while 24 per cent are very likely to use BNPL.

“Looking back at the tumultuous year, it’s not surprising that BNPL services are the favourite short-term fix for those negatively financially affected by COVID-19,” Connally said.

“This allows people to put their bills ‘on hold’ and retain a sense of financial normalcy. It also provides extra time and disposable income during a time when it feels most warranted.

“People who suffered most during the year feel the most deserving of a break. A strong bounce back in the travel/dining industry is expected, with 42 per cent of Australians predicting they will spend more on such experiences in the future. Most of us agree it is time to have fun.”

Join more than 30,000 advertising industry experts
Get all the latest advertising and media news direct to your inbox from B&T.

No related posts.

TAGGED: Nature
Share
Staff Writers
By Staff Writers
Follow:
Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

Latest News

NSW Blues & Adidas Kick-Off Game III With ‘House Of Blue’
04/07/2025
TV Ratings (03/07/2025): Nearly 800K Tune In For Joanna Lumley’s ‘Absolutely Fabulous’ Danube Tour
04/07/2025
Google’s Veo 3 Being Used To Create Racist Videos For Social
04/07/2025
Enrichd Group & Greg Inglis Launch ‘Stick With It’ Mental Health Movement
04/07/2025
//

B&T is Australia’s leading news publication magazine for the advertising, marketing, media and PR industries.

 

B&T is owned by parent company The Misfits Media Company Pty Ltd.

About B&T

  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise

Top Categories

  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Opinion
  • Technology
  • TV Ratings

Sign Up for Our Newsletter



B&TB&T
Follow US
© 2025 B&T. The Misfits Media Company Pty Ltd. All Rights Reserved.
Welcome Back!

Sign in to your account

Register Lost your password?