Savings accumulated during the pandemic mean Australians have started the year feeling positive about their bills, but switching intention is set to rise as increased energy costs and health insurance rate rises loom.
The Bill Shock Index is a quarterly analysis of Australians’ relationship with their bills, a barometer of how different demographics are feeling about their finances, the value they are getting from their services and insights into the triggers and motivations for re-evaluating their personal finance choices.
Report Highlights.
64%
experienced “bill shock” vs. 85% last quarter, with younger consumers remaining the most heavily impacted
Experienced ‘ Bill Shock’ in the last three months
55+
least likely to be switching
Switching dropped at the start of this year vs. the close of 2020.
Actual switching behaviour
However, intention to switch over the coming three months is up as colder weather is set to increase energy bills, and rate rises impact the cost of health insurance.
Anticipated cancellations and switching behaviour - next three months
40%
remain unaware of the rate rise, with over half placing brand trust over value.
Actions I can take to reduce PHI ‘Bill Shock’
Let us help you overcome
Bill Shock
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Media Enquiries
Thomas Hann
Keep Left, Compare Club media team
+61 3 9268 7800
compareclub@keepleft.com.au
