Bank account news and advice

All the latest bank account news and top tips to help you manage your bank account.

Millennials more likely to be financially stressed, says J.D. Power

Millennials more likely to be financially stressed, says J.D. Power

As the Covid-19 pandemic continues to financially test households across the country, recent research has shown there might be one generation that’s finding it harder than others. According to new research by J.D Power, millennials are more likely to be financially stressed compared to older Aussies. Almost half (41%) of millennials reported to have high or moderate levels of stress. One in five also said they were dissatisfied with their current financial situation and struggle with managing their finances.“Millennial finances have been hardest hit by the pandemic and it will take time for their personal financial condition to recover,” said Bronwyn Gill, head of banking and payments intelligence at J.D. Power Australia.  But despite these feelings of uncertainty, 16% of millennials have taken the initiative to switch banks within the last twelve months. Lack of competitive interest rates and too many fees were two of the top reasons for switching at 15% and 13%, respectively. A bank’s reputation was also of high importance to 6% of younger Aussies, as they would be willing to switch based on how often banks were negatively represented in the media. 

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Online banking features that’ll help you save money in 2020

Online banking features that’ll help you save money in 2020

When it comes to saving and spending habits, 2020 has been a rollercoaster year of change for many. Australians have had to rethink budgets to manage income loss caused by the pandemic, turn to online shopping during lockdowns and even abandon cash to help stop the spread of COVID-19. In light of this, you might be looking for new ways to make your banking more efficient and help you save for rainy days to come. As more Aussies head online for their banking needs, we’ve laid out some of the innovative banking features to help you make more out of your cash in 2020.

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5 financial skills for teens to help beat the recession

5 financial skills for teens to help beat the recession

As the world grapples with the economic fallout of Covid-19, young adults are having to reconfigure their expectations of the future. Whether it’s putting travel plans on the back-burner, studying remotely, or entirely rethinking a career path or source of income, Australian teenagers will have to make some tough choices in the years to come. 

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