Victorian Consumer Survey
CPRC is conducting ongoing research to better understand the lives of Victorian consumers – their behaviours, actions taken and experiences on a range of topics.
Victorian Consumer Survey Reports
Buy Now Pain Later:
The experience of Victorian consumers with Buy Now, Pay Later loans (January 2023)
- Three quarters of BNPL users had more than one BNPL loan concurrently in the last 6 months, 7% reported they took out more than 10 BNPL loans concurrently in the last 6 months
- Among those who took out a BNPL loan in the last 6 months, approximately one in five sought payment assistance (20%) or had to miss a repayment (18%)
- BNPL usage is high among those with no savings buffers: 62% of those taking out a BNPL loan couldn’t raise more than $2000 in an emergency, 30% reported they couldn’t raise $500
- 22% of those using BNPL products went without a meal in the last 6 months to due costs
Our research demonstrates a clear need to regulate BNPL providers like other forms of regulated credit. BNPL now rivals established and regulated forms of credit as a driver of payment difficulty – and so requires effective regulatory oversight rather than self-regulation.
Rising Rates, Falling Financial Wellbeing (December 2022)
This reports explores the cost of living and financial wellbeing during 2022, with a particular focus on renters and mortgaged homeowners given the rapid rise in interest rates.
Our research found:
- One in seven (15%) mortgaged homeowners reported an increase of more than $700 per month
- Just under half of renters (48%) reported their rent had increased in the 12 months to November 2022, suggesting widespread rent rises to come in 2023
- Half of renters (53%) and two in five (41%) of mortgaged homeowners reported they couldn’t raise more than $2000 at short notice if faced with a large unexpected financial cost.
Our findings indicate financial stress is already building – with a cohort of mortgaged homeowners and renters going without delaying meals, medicine and medical care. For those experiencing feeling the cost-of-living crunch:
- If you have a mortgage, speak to your bank about hardship options as early as you can.
- Anyone struggling can also get help from a free and independent financial counsellor
Ben Martin Hobbs
Senior Research and Policy Manager
Ben’s work is focused on consumer choice in complex markets, considering the implications of behavioural economics in the design and stewardship of consumer markets. He was a lead researcher on CPRC’s COVID-19 consumer survey and has managed a number of CPRC’s collaborative research partnership projects with academics at LaTrobe University, University of Technology Sydney and RMIT’s Behavioural Business Lab.
Ben can be reached at: ben.martinhobbs@cprc.org.au
Rising Rates, Falling Financial Wellbeing
This reports explores the cost of living and financial wellbeing during 2022, with a particular focus on renters and mortgaged homeowners given the rapid rise in interest rates.
Our research found:
• One in seven (15%) mortgaged homeowners reported an increase of more than $700 per month
• Just under half of renters (48%) reported their rent had increased in the 12 months to November 2022, suggesting widespread rent rises to come in 2023.
• Half of renters (53%) and two in five (41%) of mortgaged homeowners reported they couldn’t raise more than $2000 at short notice if faced with a large unexpected financial cost.
Our findings indicate financial stress is already building – with a cohort of mortgaged homeowners and renters going without delaying meals, medicine and medical care. For those experiencing feeling the cost-of-living crunch:
• If you have a mortgage, speak to your bank about hardship options as early as you can.
• Anyone struggling can also get help from a free and independent financial counsellor
Buy Now Pain Later:
The experience of Victorian consumers with Buy-now, pay later loans (January 2023)
Examining the impact of Buy now, pay later (BNPL) loans on Victorians during 2022, highlighting which groups were more likely to be using BNPL products, payment difficulties with BNPL products, and incidence of poor financial wellbeing of BNPL users. We found
• Three quarters of BNPL users had more than one BNPL loan concurrently in the last 6 months, 7% reported they took out more than 10 BNPL loans concurrently in the last 6 months
• Among those who took out a BNPL loan in the last 6 months, approximately one in five sought payment assistance (20%) or had to miss a repayment (18%)
• BNPL usage is high among those with no savings buffers: 62% of those taking out a BNPL loan couldn’t raise more than $2000 in an emergency, 30% reported they couldn’t raise $500
• If you have a mortgage, speak to your bank about hardship options as early as you can.
• Anyone struggling can also get help from a free and independent financial counsellor
This reports explores the cost of living and financial wellbeing during 2022, with a particular focus on renters and mortgaged homeowners given the rapid rise in interest rates.
• One in seven (15%) mortgaged homeowners reported an increase of more than $700 per month
• Just under half of renters (48%) reported their rent had increased in the 12 months to November 2022, suggesting widespread rent rises to come in 2023.
• Half of renters (53%) and two in five (41%) of mortgaged homeowners reported they couldn’t raise more than $2000 at short notice if faced with a large unexpected financial cost.
Our findings indicate financial stress is already building – with a cohort of mortgaged homeowners and renters going without delaying meals, medicine and medical care. For those experiencing feeling the cost-of-living crunch:
• If you have a mortgage, speak to your bank about hardship options as early as you can. • Anyone struggling can also get help from a free and independent financial counsellor.