How much are aussies losing in loose change?

Australians are losing about $466 million a year in loose change which they consider inconvenient and too bulky to carry around, a survey has found.

The ING study found millennials were the worst culprits, with almost half of people aged 18-34 losing up to $10 a month in loose change.

ING’s Tim Newman says most people don’t think twice about throwing away coins.

More than a quarter of people said they ‘hate carrying coins’ and the three biggest reasons were because they ‘couldn’t use five cents’, it was ‘inconvenient’, and it ‘bulks up their wallet’, the study found.

Despite this, almost half of people said they felt happy when they found money.

“It’s ironic that many people will actually throw away their spare change, however, get satisfaction out of finding money,” Mr Newman said.


WHO THROWS AWAY $10 IN COINS A MONTH?

  • * 40 per cent of people aged 18-34
  • * 36 per cent of people aged 35-49
  • * 19 per cent of people aged 50-64
  • * 15 per cent of people aged 64 and over


WHICH STATES DO THEY COME FROM?

  • * 32 per cent in WA and Victoria
  • * 30 per cent in NSW
  • * 25 per cent in Queensland and SA


HOW MUCH DOES IT COST US?

  • * $466 million a year in lost change across Australia
  • * $38.85 million a month all up
  • * An average of $2.10 per person a month


WHY DO AUSTRALIANS THROW AWAY LOOSE CHANGE?

  • * 40 per cent of people say they can’t use five cent pieces
  • * 29 per cent say it is inconvenient to keep change
  • * 27 per cent say it bulks up their wallet

 

WHAT CAN YOU DO IF YOU HAVE LOOSE CHANGE

  • Go to the nearest bank and put it in a coin counter. Get the receipt, take it to the teller and pick up your money or put it in your bank account.
  • Use these loose change for parking meters or at your local launderette.
  • Save it up for when you really need it in the future.

 

 

David Sigston (Australian Associated Press);(Article source here)

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