A quiet $600 leak could be running from your bank account—here’s where to look first
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Australians could be losing hundreds of dollars a year without even realising it.
A new report has revealed a common money habit quietly draining bank accounts.
For some, the loss is as much as $600 annually—enough to cover several bills or a weekend away.
Three in 10 Australians admitted they were paying for subscriptions they no longer used or had forgotten about, according to new data from Westpac.
The research showed the average Aussie held more than five subscriptions, with spending significantly higher than they believed—something the bank has dubbed ‘subscription shock’.
Westpac customer data revealed the average monthly spend across all subscriptions had risen by 11 per cent this year to $141.
The most common reasons for overspending included forgetting to cancel a trial before auto-renewal (38 per cent), paying for subscriptions they had forgotten about (32 per cent), and struggling to cancel a subscription (31 per cent).
Westpac’s acting chief executive of consumer Carolyn McCann said Aussies were spending nearly 20 per cent more on subscriptions than they realised.
'When we compared total estimated spend against customer transaction data we could see customers are spending about $14 more each month than they think they are on subscriptions,' she said.
'While subscription costs might not seem like much in isolation, they can quickly add up—especially if these are apps or services you no longer use. This is hundreds or even thousands in potential savings that could be redirected elsewhere.'
Video streaming services were the most common subscriptions, followed by music services and fitness or wellness apps.
Australians were spending an average of $21.63 a month on video platforms, $55.50 on gaming, and $16.98 on music subscriptions.
Finder tech and utilities expert Mariam Gabaji advised writing a list of monthly subscription costs, then reviewing which ones could be downgraded or cancelled.
'If you’re still paying for premium subscriptions, consider if they’re necessary. Moving to a standard tier could save you money,' she said.
She also suggested account sharing between households or cycling through streaming services to only pay for the ones actively in use.
Westpac’s research also revealed another costly convenience—takeaway food.
In June, the average customer spent $184.85 on takeaway, which worked out to more than $2,200 annually.
Across Westpac’s customer base, that figure equalled $62 million every month.
'Our data suggests customers are willing to spend on what makes life easier, with a significant uplift in spend on food services. But there’s also growing awareness around value,' McCann said.
Everyday transactions and overlooked charges can slowly chip away at your balance without you even noticing.
If spotting these sneaky costs sounds tricky, this next story shows exactly how they can slip through and what to watch out for.
Read more: How sneaky costs chip away at older Australians’ budgets
Could a few forgotten charges be quietly eating away at your savings right now?
A new report has revealed a common money habit quietly draining bank accounts.
For some, the loss is as much as $600 annually—enough to cover several bills or a weekend away.
Three in 10 Australians admitted they were paying for subscriptions they no longer used or had forgotten about, according to new data from Westpac.
The research showed the average Aussie held more than five subscriptions, with spending significantly higher than they believed—something the bank has dubbed ‘subscription shock’.
Westpac customer data revealed the average monthly spend across all subscriptions had risen by 11 per cent this year to $141.
Data reveals hidden $600 subscription drain. Image source: Pexels/SHVETS production
Disclaimer: This is a stock image used for illustrative purposes only and does not depict the actual person, item, or event described.
Disclaimer: This is a stock image used for illustrative purposes only and does not depict the actual person, item, or event described.
The most common reasons for overspending included forgetting to cancel a trial before auto-renewal (38 per cent), paying for subscriptions they had forgotten about (32 per cent), and struggling to cancel a subscription (31 per cent).
Westpac’s acting chief executive of consumer Carolyn McCann said Aussies were spending nearly 20 per cent more on subscriptions than they realised.
'When we compared total estimated spend against customer transaction data we could see customers are spending about $14 more each month than they think they are on subscriptions,' she said.
'While subscription costs might not seem like much in isolation, they can quickly add up—especially if these are apps or services you no longer use. This is hundreds or even thousands in potential savings that could be redirected elsewhere.'
Video streaming services were the most common subscriptions, followed by music services and fitness or wellness apps.
Australians were spending an average of $21.63 a month on video platforms, $55.50 on gaming, and $16.98 on music subscriptions.
Finder tech and utilities expert Mariam Gabaji advised writing a list of monthly subscription costs, then reviewing which ones could be downgraded or cancelled.
'If you’re still paying for premium subscriptions, consider if they’re necessary. Moving to a standard tier could save you money,' she said.
She also suggested account sharing between households or cycling through streaming services to only pay for the ones actively in use.
Westpac’s research also revealed another costly convenience—takeaway food.
In June, the average customer spent $184.85 on takeaway, which worked out to more than $2,200 annually.
Across Westpac’s customer base, that figure equalled $62 million every month.
'Our data suggests customers are willing to spend on what makes life easier, with a significant uplift in spend on food services. But there’s also growing awareness around value,' McCann said.
It’s not just unused subscriptions that can quietly drain your wallet.Everyday transactions and overlooked charges can slowly chip away at your balance without you even noticing.
If spotting these sneaky costs sounds tricky, this next story shows exactly how they can slip through and what to watch out for.
Read more: How sneaky costs chip away at older Australians’ budgets
Could a few forgotten charges be quietly eating away at your savings right now?
