ANZ survey shows growth of online money management

ANZ survey shows growth of online money management

Australians are relying more on digital platforms to manage their money. ANZ’s latest Adult Financial Literacy Survey found that nearly three quarters of people now bank online, up from 63% during the last 2011 survey.

Mobile and tablet usage among the 3,400 Australians surveyed has almost quadrupled from 14% in 2011 to 53% in 2014. 

Younger people are unsurprisingly the keenest online users with 88% of the under 40s saying they regularly pay for goods and services online, although the figures for the over 70s have jumped from 18% to 32% over the last three years.

Using a website, online calculator or mobile app to compare financial products is also increasingly popular with 46% of Australian internet users (40% of the population) seeking financial advice online in this manner.

The just published ANZ Adult Financial Literacy Survey 2014 was first published in 2003. This is the fifth iteration of the wide-ranging report, which also focuses on how financial institutions (FIs) are viewed. The latest report shows that trust in financial professionals has declined since 2011 from 51% to 48%. However, the percentage of ordinary investors that can recognise an investment that is “too good to be true” fell from 53% in 2011 to 50% in 2014.

In the saving and financial control section of the survey 75% of Australians say they now regularly save money, while regular credit card usage fell from 71% in 2011 to just 64% now. How much of the drop-off is due to the rise of mobile and other payment alternatives is not specified. Only 78% of Australians feel in control of their financial situation all or most of the time.

Commenting on the survey ANZ CEO, Mike Smith, said: “The growth of digital is changing the way people do their banking and make payments. Online channels are making it easier for people to access information, shop around and compare financial products.” 

 

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