New research has revealed that 85 per cent of Australians will put their energy plans, insurances and credit cards under the microscope in 2019, with 77 per cent saying they will make changes to their household finances.
The findings come from a survey of an independent, nationally representative panel of 1,087 Australian adults commissioned by leading financial comparison service comparethemarket.com.au[1] to gauge if Aussies are doing their yearly due diligence across their financial products.
Ahead of this year’s private health insurance rate rise and the long-awaited governmental reforms, more Aussies are committed to reviewing their health cover than any other household financial product. Almost two thirds (62 per cent) of respondents vowed to review their health insurance to assess whether they are on the most competitive plan, and 30 per cent have already decided they are going to make changes.
Almost half (48 per cent) of respondents will review their car insurance to assess whether they are on the best plan for them, and will then decide if they need to downgrade, switch or drop their policy. Forty-seven (46) per cent will review their home and contents insurance, 42 per cent their energy plans, and just 10 per cent will assess their life insurance plan.
When asked what changes they have already decided to make to their household finances, 44 per cent vowed that their personal spending will take a cut, such as clothes shopping, entertainment and eating out. Forty-one (41) per cent will reduce their electricity usage to save on costs and 35 per cent will cut back on grocery spending.
Interestingly, 19 per cent said they will downgrade or cancel their travel plans this year.
Rod Attrill, money expert at comparethemarket.com.au, said: “It’s little surprise that so many Aussies plan to review their health cover as a priority. Eighteen years of rate rises, a further cut to the government rebate and confusion around the upcoming reforms have many health customers at boiling point. There’s never been a more important time for consumers to shop around for a health insurance policy that best suits their individual needs and budget.
“While it is often easy to become complacent about our personal finances, it is great to see that almost all Australians are doing their due diligence. Kick-starting great money-saving habits early will also help Aussies to keep on top of their finances throughout the year. Comparison services, such as comparethemarket.com.au is a useful free tool to easily compare and buy insurances, energy plans, and personal finance products to find plans and policies that suit your needs and back pocket,” said Rod.
Financial products Australians are most likely to review:
| Products | Percentage (%) |
| Private health insurance | 62% |
| Car insurance | 48% |
| Home and/or contents insurance | 46% |
| Electricity and/or gas plan | 42% |
| Personal credit cards | 26% |
| Home loan | 21% |
| None of the options | 15% |
| Life insurance (including income protection insurance) | 10% |
Changes Australians will make to their household finances in 2019:
| Financial goals | Percentage (%) |
| Cut back on personal spending (clothing, beauty, entertainment, eating out) | 45% |
| Reduce my electricity usage to cut back on costs | 41% |
| Reduce my grocery spending, including choosing cheaper brands | 35% |
| Drop, downgrade or switch my private health insurance if premiums increase again on April 1 | 30% |
| Use my car less to reduce my petrol costs | 25% |
| None of the options | 25% |
| Downgrade or cancel my travel plans | 19% |
| Increase my credit card limit | 8% |
| Sign up for an additional credit card | 3% |
About comparethemarket.com.au
Comparethemarket.com.au is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, travel and personal finance products from a wide range of providers. Our easy-to-use comparison tool enables consumers to find products that best suit their needs and back pocket.
[1] Survey conducted by Pureprofile Dec 2018
