National Australia Bank (NAB) has launched a new tool called 'Upcoming' to help Australians manage their bills and avoid the common problem of bill shock. This feature, rolling out in the NAB app, predicts upcoming bills based on past payments, allowing users to better plan their finances.
Despite growing financial awareness, NAB data shows that one in four Australians missed a bill payment last quarter, with utilities such as water, electricity, phone, and internet being the most common. Younger Australians (ages 18-29) were most affected, with 41% missing payments compared to just 9% of those over 65. Women were also more likely to miss a payment (29%) than men (22%).
Kylie Young, NAB’s Personal Everyday Banking Executive, explained that while many Australians are mindful of their spending, unexpected bills can still catch them off guard. With the average Australian juggling three subscriptions, staying on top of finances can be challenging.
Young highlighted several ways to avoid bill shock:
• Bill Prediction Tools: Features like 'Upcoming' predict bills for the next 30 days, helping users budget better.
• Bill Smoothing: Many utility providers offer installment plans to break larger bills into smaller, manageable payments.
• Negotiating with Providers: Comparing rates or negotiating with service providers can save money.
NAB's 'Upcoming' tool is part of a broader effort to help Australians take control of their finances and reduce the stress caused by unexpected bills.
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