Australians are splurging big this EOFY… but is it costing them a comfortable retirement?
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A cheerful older woman holds up bright shopping bags, enjoying a successful bargain hunt. But is the thrill of an EOFY sale truly saving her money, or just tempting her to spend more of her hard-earned nest egg?
Many Australian seniors are asking themselves this question as end-of-financial-year sales flood the market with seemingly unmissable deals.
As June approaches, Australians are bombarded with end-of-financial-year (EOFY) sale advertisements for everything from TVs and toasters to insurance and investable gadgets. Retailers roll out significant discounts throughout May and June, turning the EOFY into a shopping season all its own.
In fact, EOFY sales have become “a major retail event, often second only to Boxing Day in terms of discounts and promotional hype”, making it easy to get swept up in the excitement. They regularly attract billions in consumer spending, and according to consumer surveys, a huge portion of shoppers (young and old alike) plan to partake in some way. With all this hype, older Australians – many of whom are on fixed incomes or managing retirement funds – face a dilemma: Are these EOFY “bargains” genuinely helping stretch our dollars, or could they actually be draining our retirement savings?
This editorial takes a closer look at the EOFY sales frenzy from a senior’s perspective. We’ll explore how the sales tactics play on psychology, comment on the potential impact on retirement nest eggs, and shed light on common marketing tricks that retailers (and even scammers) use to lure consumers.
Along the way, we’ll pull in advice from experts – from National Seniors Australia’s Approach EOFY Sales Wisely article to warnings by consumer groups like CHOICE, and regulators like ASIC and the ACCC – to help you navigate the mid-year sales madness with your financial security intact. By the end, you might view those “too good to miss” deals in a new light. Let’s dive in.
For consumers, it’s pitched as an opportunity to save money on big-ticket items or stock up on necessities at a discount. The anticipation and buzz around EOFY sales can even create a festive atmosphere – a mid-year shopping holiday of sorts.
But amid the buzz, it’s worth asking: Do these sales really help the average senior shopper? There’s no denying you can score a genuine bargain on something you truly need. Timing a purchase for when it’s on sale – say, finally upgrading a lagging laptop or replacing a worn-out refrigerator – can certainly pay off if you’ve done your homework. Some people also eye EOFY deals for work-related purchases they might claim as tax deductions.
However, for older Australians who are retired or on fixed incomes and no longer lodging tax returns, the tax angle is usually irrelevant. As National Seniors Australia bluntly puts it, “for older Australians…it’s important to remember that not every ‘bargain’ is truly good value.”
Indeed, one key question to ask yourself is: “Do I actually need this item, and am I genuinely getting a good deal?” If the answer is “no” or “not really”, then the sale price might be seductive but ultimately deceptive for your wallet. An advertised 50% off is hard to ignore, but “a 50% discount sounds great – if it’s something you wouldn’t have bought otherwise, it’s still an expense,” the National Seniors editorial reminds us.
In other words, you’re still spending money, not magically saving it. The allure of a bargain can trick us into forgetting that simple fact.
Marketing psychology plays a huge role here. Retailers are masters at creating a sense of urgency and FOMO (fear of missing out) during sale season. It’s “easy to get swept up in the excitement, with stores promising limited-time offers, ‘never to be repeated’ prices, and bundles that appear too good to pass up”. Those phrases are carefully chosen to trigger our impulse to grab the deal now, lest we regret it later. Sales events exploit our emotions: the thrill of the hunt, the satisfaction of scoring a discount, and the comfort of believing we’re being financially savvy by shopping on sale.
However, sales hype can be a double-edged sword. On one side, you have genuine deals and the psychological “high” of nabbing a bargain. On the other, you have the risk of overspending on things you never intended to buy. Research shows that impulse buying is a real threat to our budgets.
The consumer group CHOICE frankly notes that while EOFY can be a good time to find a bargain, “good deals are still available at other times” of year too, and the EOFY rush often “comes with extra scam risk” on top of it. In other words, don’t fall for the myth that now or never is your only chance – there will be other sales, and sometimes holding off is the wiser move.
To illustrate how impulse buys add up: one Australian survey found the average person spends around $44 a week on impulse purchases, which is over $2,200 a year gone on unplanned buys. For someone on a pension or managing their retirement drawdown, an extra $2,000 splurge annually on gadgets, clothes, or trinkets could mean less money for essentials like healthcare, home maintenance, or that well-deserved holiday. Impulsive EOFY shopping can chip away at your financial security in retirement, especially if it leads to dipping into savings or racking up credit card debt.
National Seniors Australia warns that “the allure of significant discounts can lead consumers to overspend or purchase items they do not need. This impulse buying can result in financial strain, particularly for those who do not budget carefully.” That’s a polite way of saying: a sale can make you buy stuff you’ll later wish you hadn’t, and the financial hangover is all yours. If you’re on a fixed income or managing a finite pool of retirement savings, every unnecessary $100 or $1,000 spent is money that’s no longer working for you in the long run.
Bottom line? An EOFY bargain can be a boon or a bust. It all depends on whether it’s truly something you need at a good price, or just something cleverly marketed to pry open your wallet. “Just because it’s on sale doesn’t mean it’s a saving,” as the National Seniors article wisely puts it.
A real bargain, especially for a retiree, is one that “fits both your budget and your lifestyle.” In the next sections, we’ll look at how to tell the difference – by decoding retailers’ tricks and watching out for outright scams.
Whether or not that’s true, the statistics are alarming: Australians over 65 lost more money to scams in 2023 than any other age group, according to the ACCC. And unlike younger people, seniors’ losses have actually been increasing year over year. The consumer watchdog’s deputy chair Catriona Lowe noted that scammers often zero in on “older Australians with retirement savings” – in other words, they know you’ve got a nest egg, and they’re scheming to steal it.
So, what kinds of EOFY-related scams should you watch out for?
1. Fake Online Stores and Phony Deals: Scamwatch (run by the ACCC) sees lots of scammers setting up bogus shopping websites that look like the real deal. They might mimic a major retailer’s site or just offer unbelievable prices on high-ticket items to lure you in. CHOICE warns that around big sale periods, “scammers [set] up fake copies of major retailer websites” in an effort to steal money and personal information.
To make matters worse, these fake sites sometimes even slip into legitimate ad spaces – CHOICE noted cases of social media companies and search engines displaying ads for the scam sites. Imagine googling a product, clicking a link that looks like a known store, seeing a too-good-to-be-true price, and entering your credit card – only to never receive any goods and have your card details compromised. It happens more often than we’d like to think.
How to spot a fake? Look for red flags: prices that are way below normal (if a new iPhone is advertised for $100, it’s fake, period), weird or misspelled URLs (like www.harvey-normal.com instead of the real retailer), no clear contact info or physical address on the site, poor grammar or low-quality images, and limited payment options (scammers often push direct bank transfers or crypto payments).
CHOICE advises that “prices that seem too good to be true, unusual URLs, and missing important information” are classic signs of a scam shopping site. If you see an amazing EOFY deal from a retailer you’ve never heard of, pause and investigate. A quick online search for “[Retailer Name] scam” might reveal if others have been duped. When in doubt, stick to purchasing from websites of known, reputable retailers or brands you can verify.
2. Phishing Emails and Texts (Tax and Delivery Scams): EOFY coincides with tax time, and scammers love impersonating the Australian Taxation Office (ATO) or other government agencies. You might get an email or SMS around June/July claiming something like “You’re eligible for a tax refund, click here to claim” or “Urgent: TFN suspension, resolve now.” These are phishing scams aiming to steal your personal info or infect your device.
Older Aussies who aren’t even required to file tax returns have been known to receive fake ATO messages – it’s not personal, scammers just cast a wide net, hoping someone takes the bait. Be extremely skeptical of any unsolicited communication about tax refunds or debts. The ATO never sends links asking you to fill in personal details via email or text. During sales season, phishing scams also appear in the form of fake delivery notifications – e.g. “Your package is awaiting delivery, pay $2.99 to release it.”
With all the genuine online shopping happening, it’s easy to mistake a scam text for a real parcel notice. The goal is to grab your credit card info or install malware.
CHOICE mentions that around EOFY, “you may receive messages claiming to be sent on behalf of the Australian Tax Office or other government agencies”. These are often phishing attempts, and they provide guides on spotting the most common tax scams. Likewise, Scamwatch and the government’s Scam Awareness networks regularly warn about “Hi Mum” text scams, fake investment opportunities, and tech support scams that disproportionately affect older people.
Remember the golden rule for scams: If something feels off or too good to be true, it probably is. Never rush to act on an unexpected message. Take a moment to verify. If the “ATO” calls you demanding payment, hang up and call the official ATO hotline yourself to check – you’ll likely find out it wasn’t them. If you get a crazy good offer in your inbox from an unknown seller, delete it or navigate to the company’s official site through your browser instead of clicking the email link.
3. Investment and Financial Scams: Not directly about sales, but worth noting: scammers know that many seniors are looking for ways to grow their retirement savings or generate income. EOFY is often when financial promotions (both legit and illegitimate) surface, like investments, superannuation services, or insurance deals. Be wary of unsolicited calls or emails pitching “can’t lose” investments, or fake endorsements (for example, scams falsely claiming prominent Australians or even government agencies back their scheme).
The ACCC’s latest report noted that investment scams cause by far the highest losses – over $1.3 billion in 2023 – and older Australians are frequently the targets. Patricia Sparrow of COTA (Council on the Ageing) pointed out that “investment scams alone cost older Australians $66.5 million in 2024” and these “sophisticated criminal operations are specifically targeting retirement savings”. Many such scams use social media or online ads to appear credible – including fake celebrity videos or bogus testimonials.
So, if you see an EOFY “financial opportunity” that promises unusually high returns or pressures you to act fast, approach with extreme caution and get independent advice before parting with any money.
It’s unfortunate that we have to worry about criminals on top of making savvy shopping choices. But knowledge is power. The government’s Scamwatch website (accc.gov.au/Scamwatch) is a great resource to stay updated on current scam tactics. They even have a “Recent scams” radar and email alerts you can subscribe to.
If you’re not very internet confident, consider talking with a younger family member or a trusted friend about any suspicious offer that comes your way. Sometimes just a second pair of eyes can spot a scam instantly.
Finally, don’t be embarrassed if you ever do get caught in a scam. It can happen to anyone – scammers are professional liars, and they prey on our trust and goodwill. Report it, seek help, and share your experience so others can learn. As we age, protecting our financial security is just as important as protecting our physical health. Staying scam-aware is now part of that picture.
By staying informed about retail tactics and scam threats, by budgeting and planning, and by keeping our long-term well-being front of mind, we can enjoy the thrill of a bargain and keep our retirement finances on track.
So next time you’re enticed by that big EOFY banner or a friendly salesperson’s pitch, take a moment to think: Is this purchase adding value to my life, or am I just caught up in the frenzy? And when in doubt, remember the golden rule – if it’s on sale but you don’t really need it, it’s not actually saving you money. The truly savvy shoppers (and there are many among the over-60 crowd!) will tell you that the best deals are the ones you don’t regret afterwards.
Happy EOFY shopping – may your finds be fulfilling, your nest egg safe, and your post-sale mindset free of buyer’s remorse. After all, the goal is to snag a great deal without sacrificing the bigger goal of financial security in retirement. Shop smart, stay safe, and enjoy the sales responsibly.
And ask yourself this: Will that “bargain” purchase bring you lasting satisfaction, or will it simply gather dust while your hard-earned savings slowly disappear?
Many Australian seniors are asking themselves this question as end-of-financial-year sales flood the market with seemingly unmissable deals.
As June approaches, Australians are bombarded with end-of-financial-year (EOFY) sale advertisements for everything from TVs and toasters to insurance and investable gadgets. Retailers roll out significant discounts throughout May and June, turning the EOFY into a shopping season all its own.
In fact, EOFY sales have become “a major retail event, often second only to Boxing Day in terms of discounts and promotional hype”, making it easy to get swept up in the excitement. They regularly attract billions in consumer spending, and according to consumer surveys, a huge portion of shoppers (young and old alike) plan to partake in some way. With all this hype, older Australians – many of whom are on fixed incomes or managing retirement funds – face a dilemma: Are these EOFY “bargains” genuinely helping stretch our dollars, or could they actually be draining our retirement savings?
This editorial takes a closer look at the EOFY sales frenzy from a senior’s perspective. We’ll explore how the sales tactics play on psychology, comment on the potential impact on retirement nest eggs, and shed light on common marketing tricks that retailers (and even scammers) use to lure consumers.
Along the way, we’ll pull in advice from experts – from National Seniors Australia’s Approach EOFY Sales Wisely article to warnings by consumer groups like CHOICE, and regulators like ASIC and the ACCC – to help you navigate the mid-year sales madness with your financial security intact. By the end, you might view those “too good to miss” deals in a new light. Let’s dive in.
Image source: Seniors Discount Club
The EOFY Sale Frenzy: Hype or Help for Shoppers?
EOFY sales, held in June, have become a fixture on the retail calendar, attracting shoppers with the promise of substantial discounts and special offers. Everywhere you look, stores shout about “massive markdowns” and “tax-time deals.” For many businesses, it’s a chance to clear stock and boost revenue before the books close on June 30.For consumers, it’s pitched as an opportunity to save money on big-ticket items or stock up on necessities at a discount. The anticipation and buzz around EOFY sales can even create a festive atmosphere – a mid-year shopping holiday of sorts.
But amid the buzz, it’s worth asking: Do these sales really help the average senior shopper? There’s no denying you can score a genuine bargain on something you truly need. Timing a purchase for when it’s on sale – say, finally upgrading a lagging laptop or replacing a worn-out refrigerator – can certainly pay off if you’ve done your homework. Some people also eye EOFY deals for work-related purchases they might claim as tax deductions.
However, for older Australians who are retired or on fixed incomes and no longer lodging tax returns, the tax angle is usually irrelevant. As National Seniors Australia bluntly puts it, “for older Australians…it’s important to remember that not every ‘bargain’ is truly good value.”
Indeed, one key question to ask yourself is: “Do I actually need this item, and am I genuinely getting a good deal?” If the answer is “no” or “not really”, then the sale price might be seductive but ultimately deceptive for your wallet. An advertised 50% off is hard to ignore, but “a 50% discount sounds great – if it’s something you wouldn’t have bought otherwise, it’s still an expense,” the National Seniors editorial reminds us.
In other words, you’re still spending money, not magically saving it. The allure of a bargain can trick us into forgetting that simple fact.
Marketing psychology plays a huge role here. Retailers are masters at creating a sense of urgency and FOMO (fear of missing out) during sale season. It’s “easy to get swept up in the excitement, with stores promising limited-time offers, ‘never to be repeated’ prices, and bundles that appear too good to pass up”. Those phrases are carefully chosen to trigger our impulse to grab the deal now, lest we regret it later. Sales events exploit our emotions: the thrill of the hunt, the satisfaction of scoring a discount, and the comfort of believing we’re being financially savvy by shopping on sale.
However, sales hype can be a double-edged sword. On one side, you have genuine deals and the psychological “high” of nabbing a bargain. On the other, you have the risk of overspending on things you never intended to buy. Research shows that impulse buying is a real threat to our budgets.
The consumer group CHOICE frankly notes that while EOFY can be a good time to find a bargain, “good deals are still available at other times” of year too, and the EOFY rush often “comes with extra scam risk” on top of it. In other words, don’t fall for the myth that now or never is your only chance – there will be other sales, and sometimes holding off is the wiser move.
To illustrate how impulse buys add up: one Australian survey found the average person spends around $44 a week on impulse purchases, which is over $2,200 a year gone on unplanned buys. For someone on a pension or managing their retirement drawdown, an extra $2,000 splurge annually on gadgets, clothes, or trinkets could mean less money for essentials like healthcare, home maintenance, or that well-deserved holiday. Impulsive EOFY shopping can chip away at your financial security in retirement, especially if it leads to dipping into savings or racking up credit card debt.
National Seniors Australia warns that “the allure of significant discounts can lead consumers to overspend or purchase items they do not need. This impulse buying can result in financial strain, particularly for those who do not budget carefully.” That’s a polite way of saying: a sale can make you buy stuff you’ll later wish you hadn’t, and the financial hangover is all yours. If you’re on a fixed income or managing a finite pool of retirement savings, every unnecessary $100 or $1,000 spent is money that’s no longer working for you in the long run.
Bottom line? An EOFY bargain can be a boon or a bust. It all depends on whether it’s truly something you need at a good price, or just something cleverly marketed to pry open your wallet. “Just because it’s on sale doesn’t mean it’s a saving,” as the National Seniors article wisely puts it.
A real bargain, especially for a retiree, is one that “fits both your budget and your lifestyle.” In the next sections, we’ll look at how to tell the difference – by decoding retailers’ tricks and watching out for outright scams.
Tricks Retailers Use to Lure You In
Why do we often walk into a sale intending to “just look” and walk out having spent $200 on things we never planned to buy? It’s not because we’re foolish or weak – it’s because retailers are extremely good at what they do. EOFY sales are a prime showcase of their playbook of marketing tricks and psychological tactics designed to get us spending. Let’s pull back the curtain on a few common ones:- The Doorbuster & Flash Sale: Many EOFY promotions advertise “limited-time only!” deals or “24-hour flash sale!” events. That ticking clock is there to create urgency. The fear of missing out (FOMO) kicks in hard – if you don’t act now, you might miss the deal forever. Scarcity marketing (only 50 units available! sale ends at midnight!) taps into a basic human impulse: we value something more when we think it’s in short supply. Retailers know that a sense of urgency can cloud our judgment. As one shopping guide notes, “flashy ads, limited-time offers and pressure tactics can cloud your judgement and make you buy things you don’t need.” When the adrenaline is pumping, we’re more likely to hit “Add to Cart” first and think later.
- “Was/Now” Price Tricks: You’ve seen this everywhere – “Was $499, Now $299 – SAVE $200!” It feels like a no-brainer to buy at $299 when you’re told it used to cost $499. But here’s the dirty little secret: sometimes that “was” price is bogus. Australia’s consumer watchdog, the ACCC, has been cracking down on misleading discount claims. In a sweep of recent sale advertisements, the ACCC found concerning cases of “potentially misleading ‘was/now’ pricing” – even instances where products on ‘sale’ were selling for the same price as before. In other words, some retailers quietly jacked up the “before” price or never really sold the item at that high price, just so they could claim a huge discount later. Using an inflated recommended retail price (RRP) as the reference is another tactic: if a store never actually sold the widget for $499 in recent memory, calling $299 a sale price off a phony $499 RRP is deceptive. The ACCC has warned businesses that they “must not engage in misleading or deceptive conduct…about the price of goods, or the value of any discounts”. But as consumers, we should stay alert. Don’t automatically trust a slashed price tag – it may be more marketing magic than real markdown.
- Selective “Storewide” Sales: Ever notice how the big “STOREWIDE 50% OFF!” banner often comes with a forest of fine print at the bottom? Exclusions apply, not all brands, only for members, up to 50% on selected items… This is the old bait-and-switch lite. The headline draws you in with a huge promise, but in reality maybe only a subset of items are 50% off (and the thing you wanted is only 10% off, or excluded entirely). The ACCC highlighted this trick too, noting instances where “‘storewide’ discount claims have in fact involved exclusions,” or where an “Up to 50% off” sale had most items far less discounted. The lesson: read the fine print. If that sounds boring, remember it could save you from disappointment at checkout – or from overspending on something that wasn’t such a great deal after all.
- Bundling and BOGO: EOFY sales often promote bundle deals (e.g. “Buy a laptop, get a printer half-price”) or BOGO offers (buy one, get one). Sometimes these are true value – if you genuinely need both items. But often, bundles are designed to make you spend more overall. You might have only wanted a new tablet, but the bundle with a case and stylus “deal” convinces you to pay extra for accessories you weren’t considering. Or you buy an extra pair of shoes just because the second pair was 40% off. The feeling of getting more for your money is enticing, but ask: would I have spent this much if the bundle wasn’t offered? If the answer is no, the retailer’s strategy worked – they increased the sale, and you got stuff you didn’t budget for. As shoppers, we have to guard against the mentality that more is always better when it’s on sale. Sometimes buying two for the price of one is great – but not if you only needed one in the first place.
- Pressure from Salespeople and “Extras”: If you’re shopping in-store, you might encounter enthusiastic sales staff armed with their own tricks. One common upsell during sales is the extended warranty or “product care plan.” You’ve finally decided on that EOFY discounted TV, and at the register they urge, “For an extra $100, you can get a 3-year protection plan.” Many older shoppers consider these offers for peace of mind. But consumer advocates warn that most extended warranties aren’t worth the money. Why? Because under Australia’s consumer laws, that TV is already required to last a reasonable time – you may be entitled to a repair or replacement if it conks out prematurely, even well beyond the 1-year manufacturer warranty, as part of your standard rights. Often the extended warranty simply duplicates or even offers less than those free rights. The ACCC and CHOICE both advise asking pointedly: What does this paid warranty give me that I don’t already get under consumer law? If the salesperson can’t give a clear answer, keep your $100. Similarly, be wary of interest-free finance offers dangled during sales. ASIC’s MoneySmart service notes that “interest-free deals can encourage impulse buying – for things you want rather than truly need,” and a “no interest” deal often still comes with fees or leads to a new store credit card that tempts you to spend more. In short, don’t let a “bonus offer or pushy salesperson” pressure you into a quick decision you haven’t had time to think through. A genuine bargain today shouldn’t put you in a worse financial spot tomorrow.
Scam Alert: Sales Season Scams Targeting Seniors
Retailers aren’t the only ones trying to get into your wallet during EOFY – unfortunately, scammers are too. Big sale events and tax time create a perfect storm for fraudsters to exploit. Older Australians, in particular, need to be on guard, because scammers are actively targeting seniors during these periods. Why? Scammers assume seniors may have access to retirement savings and might be less familiar with some of the newer high-tech cons – making them attractive targets for financial fraud.Whether or not that’s true, the statistics are alarming: Australians over 65 lost more money to scams in 2023 than any other age group, according to the ACCC. And unlike younger people, seniors’ losses have actually been increasing year over year. The consumer watchdog’s deputy chair Catriona Lowe noted that scammers often zero in on “older Australians with retirement savings” – in other words, they know you’ve got a nest egg, and they’re scheming to steal it.
So, what kinds of EOFY-related scams should you watch out for?
1. Fake Online Stores and Phony Deals: Scamwatch (run by the ACCC) sees lots of scammers setting up bogus shopping websites that look like the real deal. They might mimic a major retailer’s site or just offer unbelievable prices on high-ticket items to lure you in. CHOICE warns that around big sale periods, “scammers [set] up fake copies of major retailer websites” in an effort to steal money and personal information.
To make matters worse, these fake sites sometimes even slip into legitimate ad spaces – CHOICE noted cases of social media companies and search engines displaying ads for the scam sites. Imagine googling a product, clicking a link that looks like a known store, seeing a too-good-to-be-true price, and entering your credit card – only to never receive any goods and have your card details compromised. It happens more often than we’d like to think.
How to spot a fake? Look for red flags: prices that are way below normal (if a new iPhone is advertised for $100, it’s fake, period), weird or misspelled URLs (like www.harvey-normal.com instead of the real retailer), no clear contact info or physical address on the site, poor grammar or low-quality images, and limited payment options (scammers often push direct bank transfers or crypto payments).
CHOICE advises that “prices that seem too good to be true, unusual URLs, and missing important information” are classic signs of a scam shopping site. If you see an amazing EOFY deal from a retailer you’ve never heard of, pause and investigate. A quick online search for “[Retailer Name] scam” might reveal if others have been duped. When in doubt, stick to purchasing from websites of known, reputable retailers or brands you can verify.
2. Phishing Emails and Texts (Tax and Delivery Scams): EOFY coincides with tax time, and scammers love impersonating the Australian Taxation Office (ATO) or other government agencies. You might get an email or SMS around June/July claiming something like “You’re eligible for a tax refund, click here to claim” or “Urgent: TFN suspension, resolve now.” These are phishing scams aiming to steal your personal info or infect your device.
Older Aussies who aren’t even required to file tax returns have been known to receive fake ATO messages – it’s not personal, scammers just cast a wide net, hoping someone takes the bait. Be extremely skeptical of any unsolicited communication about tax refunds or debts. The ATO never sends links asking you to fill in personal details via email or text. During sales season, phishing scams also appear in the form of fake delivery notifications – e.g. “Your package is awaiting delivery, pay $2.99 to release it.”
With all the genuine online shopping happening, it’s easy to mistake a scam text for a real parcel notice. The goal is to grab your credit card info or install malware.
CHOICE mentions that around EOFY, “you may receive messages claiming to be sent on behalf of the Australian Tax Office or other government agencies”. These are often phishing attempts, and they provide guides on spotting the most common tax scams. Likewise, Scamwatch and the government’s Scam Awareness networks regularly warn about “Hi Mum” text scams, fake investment opportunities, and tech support scams that disproportionately affect older people.
Remember the golden rule for scams: If something feels off or too good to be true, it probably is. Never rush to act on an unexpected message. Take a moment to verify. If the “ATO” calls you demanding payment, hang up and call the official ATO hotline yourself to check – you’ll likely find out it wasn’t them. If you get a crazy good offer in your inbox from an unknown seller, delete it or navigate to the company’s official site through your browser instead of clicking the email link.
3. Investment and Financial Scams: Not directly about sales, but worth noting: scammers know that many seniors are looking for ways to grow their retirement savings or generate income. EOFY is often when financial promotions (both legit and illegitimate) surface, like investments, superannuation services, or insurance deals. Be wary of unsolicited calls or emails pitching “can’t lose” investments, or fake endorsements (for example, scams falsely claiming prominent Australians or even government agencies back their scheme).
The ACCC’s latest report noted that investment scams cause by far the highest losses – over $1.3 billion in 2023 – and older Australians are frequently the targets. Patricia Sparrow of COTA (Council on the Ageing) pointed out that “investment scams alone cost older Australians $66.5 million in 2024” and these “sophisticated criminal operations are specifically targeting retirement savings”. Many such scams use social media or online ads to appear credible – including fake celebrity videos or bogus testimonials.
So, if you see an EOFY “financial opportunity” that promises unusually high returns or pressures you to act fast, approach with extreme caution and get independent advice before parting with any money.
It’s unfortunate that we have to worry about criminals on top of making savvy shopping choices. But knowledge is power. The government’s Scamwatch website (accc.gov.au/Scamwatch) is a great resource to stay updated on current scam tactics. They even have a “Recent scams” radar and email alerts you can subscribe to.
If you’re not very internet confident, consider talking with a younger family member or a trusted friend about any suspicious offer that comes your way. Sometimes just a second pair of eyes can spot a scam instantly.
Finally, don’t be embarrassed if you ever do get caught in a scam. It can happen to anyone – scammers are professional liars, and they prey on our trust and goodwill. Report it, seek help, and share your experience so others can learn. As we age, protecting our financial security is just as important as protecting our physical health. Staying scam-aware is now part of that picture.
Savvy Shopping: Tips to Enjoy Sales Without Regrets
After all this talk of caution, you might be thinking, “Should I just avoid EOFY sales entirely?” Not at all! There’s no need to throw the bargain-hunting baby out with the bathwater. Sales are not inherently bad – in fact, they can be very beneficial if approached wisely. The key is to shop mindfully and stick to some smart strategies. Here are a few tips to help you make the most of EOFY deals without hurting your long-term financial well-being:- Start with a Plan (and a Budget): Before you even browse the sales, take stock of what you actually need or have been planning to buy. Make a short list. It could be as practical as “replace the microwave” or as fun as “new outfit for granddaughter’s wedding.” Then set a rough budget for each item and for the overall spend. Having a clear plan and spending limit will ground you when the marketing whirlwind tries to carry you away. As one guide suggests, set a budget and create a shopping list of items you genuinely need – this helps you avoid impulsive buys and focus on what truly matters to you. Think of it like a grocery list for sales: it’s fine to buy one treat that’s not on the list, but don’t fill your trolley with random “bargains” you didn’t intend to get.
- Do Your Homework (Price-Check and Research): Prices can fluctuate and not every sale price is the lowest price. Before jumping on a deal, do a quick comparison. Check other retailers or online shops to see if the EOFY price is actually competitive. Sometimes, a product might have been cheaper before the sale at a different store. Also, read reviews on big purchases – a heavily discounted appliance is no bargain if it’s a dud that breaks in a year. “Before making a purchase, it’s worth doing a little research. Compare prices across retailers, check reviews, and consider whether the product will truly add value to your life,” advises National Seniors Australia. Independent consumer org CHOICE often publishes lists of “products to avoid” and has reviews for all kinds of goods. Even a quick scan of customer reviews on retailer websites or forums can reveal common issues. The goal is to ensure you’re getting a good product at a good price, not just a good price on paper.
- Beware of Sneaky Costs: A discount might grab your attention, but remember to factor in extras. For online buys, check shipping costs – a $50 delivery fee can eat away the savings of a $100 discount. For big items, consider: will you need to pay for installation or buy additional accessories? Also be mindful of return policies. Some items on clearance or sale might be final sale. If you’re not 100% sure it’s right for you (size, compatibility, etc.), a no-returns policy could leave you stuck with it. Under Australian Consumer Law, you still have rights if a product is faulty or not as described, sale or not. But if you simply change your mind, not all stores will offer a refund or exchange on sale items. It’s wise to ask about the return window and restocking fees if any, especially for pricy purchases.
- Don’t Fall for “Buy Now, Pay Later” Without a Plan: Services like Afterpay, Zip and credit card interest-free deals are popular, and retailers love them because they encourage bigger purchases. If you’re a disciplined budgeter, these can be useful tools. But be honest with yourself: is using BNPL or an interest-free offer going to tempt you to overspend? ASIC’s MoneySmart cautions that “no interest doesn’t mean no fees,” and these deals can spur you to spend more, especially if they come with a new store credit line. If you do use them, have a repayment plan. Mark your calendar with payment due dates to avoid late fees, and keep track of how installments will impact your fixed monthly budget. It might be safer to stick to the old-fashioned method: if you can’t afford to pay for it now, reconsider whether it’s wise to buy it at all. As MoneySmart suggests, you may be better off waiting and saving up rather than diving into debt for an impulse purchase.
- Protect Yourself from Scams: We discussed scams in detail above, but it bears repeating as a “shopping tip.” When hunting for deals, stay on guard online. Only enter payment details on secure, known websites (look for the padlock and an address starting with https://). Be extremely wary of deals that come via unsolicited emails, texts, or social media messages. No legitimate retailer or government body will ask for your passwords, bank PINs, or full IDs as part of a sale or refund process – if someone does, slam the proverbial door. Use safe payment methods (credit cards or PayPal offer dispute resolution; bank transfers or wire services to random accounts are risky and often irretrievable if things go wrong). If you’re not very tech-savvy, consider using a prepaid card or a dedicated low-limit credit card for online shopping to limit exposure. And as a community, let’s look out for each other: talk about scams with friends and family, so we all know the warning signs.
- Take Your Time – The “Pause” Rule: One of the best defenses against impulsive spending is giving yourself a bit of time. Retailers want you to feel rushed (remember those timers and one-day sales). So consciously slow down the process. If you see an item that wasn’t on your needs list but seems very tempting, step away for a cup of tea or at least a few deep breaths. Ask yourself: Will I use this? Do I have something similar already? Would I still want this if it weren’t on sale? Sometimes, simply walking around the store for 10 minutes or saving the online cart for a day can shake off the spell of the impulse. If you later still can’t stop thinking about it and it truly seems worth it, you can go ahead with more confidence. But often, you’ll find the urge passes, and you feel relieved not to have made a hasty purchase. Shopping mindfully means being in control of the decision, not letting the deal dictate your actions. As one EOFY guide wisely put it, “practice self-awareness and pause before making a purchase… Give yourself time to think it over, and don’t be afraid to walk away if it doesn’t meet your criteria.”
- Keep the Big Picture in Mind: Finally, remember your financial goals and limits. It’s easier to spend in the moment when we silo each purchase (“oh, it’s just $50 here, $30 there”). But it all adds up. Think of what the money means to you in a broader sense. $500 spent impulsively on miscellaneous stuff could have covered a few weeks’ worth of groceries, a quarter’s utility bills, or a nice weekend trip. This isn’t to guilt-trip ourselves out of any fun – by all means, treat yourself within reason – but it’s about conscious trade-offs. Some seniors like to allocate a specific “fun money” amount each year for sales or hobbies, separate from essentials. Once it’s used, they hold off until next year. Strategies like that can help balance enjoying today and securing tomorrow. You deserve both financial security and the occasional new gadget or outfit – it just takes a bit of planning to make sure one doesn’t sabotage the other.
Image source: Seniors Discount Club
Conclusion: Shopping Wisely Is Empowering
End-of-financial-year sales are an Australian institution at this point – and they can indeed be a great way to save money on quality products or services. For older Australians, the key is to approach EOFY sales wisely (to borrow the phrase) and not let the hype overpower your seasoned judgment. We’ve lived through enough “bargains” to know that sometimes the real cost isn’t apparent until the credit card bill arrives.By staying informed about retail tactics and scam threats, by budgeting and planning, and by keeping our long-term well-being front of mind, we can enjoy the thrill of a bargain and keep our retirement finances on track.
So next time you’re enticed by that big EOFY banner or a friendly salesperson’s pitch, take a moment to think: Is this purchase adding value to my life, or am I just caught up in the frenzy? And when in doubt, remember the golden rule – if it’s on sale but you don’t really need it, it’s not actually saving you money. The truly savvy shoppers (and there are many among the over-60 crowd!) will tell you that the best deals are the ones you don’t regret afterwards.
Happy EOFY shopping – may your finds be fulfilling, your nest egg safe, and your post-sale mindset free of buyer’s remorse. After all, the goal is to snag a great deal without sacrificing the bigger goal of financial security in retirement. Shop smart, stay safe, and enjoy the sales responsibly.
And ask yourself this: Will that “bargain” purchase bring you lasting satisfaction, or will it simply gather dust while your hard-earned savings slowly disappear?
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