NAB’s half-million check-ins reveals nation of ‘considered consumers’

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  • NAB checks in with more than 570,000 customers to ensure financial wellbeing and offer support.
  • Australians becoming increasingly ‘considered consumers’ – value turns personal.
  • Despite cost-of-living concerns, customers remain resilient and broadly in good shape.

NAB has today reached a key milestone in its ongoing program offering support to customers who need it, while revealing Australians are becoming ‘considered consumers’.

The bank has now reached more than 570,000 customers through its proactive check-in program since May 2022, revealing key insights into how Australians are coping with economic pressure.

NAB Group Executive Personal Banking Rachel Slade said the outreach program was an ongoing commitment for the bank.

“Our daily outreach allows our team to remain close to customers and gives us the ability to provide support at the earliest possible signs of distress,” Ms Slade said.

“The rising cost of living has been challenging for Australian households, but we know that our customers remain resilient and broadly in good shape.”

The check-in conversations with customers together with new research from the bank reveals that Australians are becoming ‘considered consumers’, with 1 in 2 re-evaluating and prioritising what they consider valuable and making key savings elsewhere.

Australians are saving an average $286 per month by making cutbacks or shifting their spending to focus on the things they value most. The top areas where people are cutting back on spending include:

 

  1. Eating out at restaurants – by 55% of people, saving around $115 per month.
  2. Skipping micro treats such as coffees or lunches out and trips to the movies – by around 50% of people, saving between $55-$60 per month.
  3. Fewer car journeys to save on petrol and cutting out food delivery services – by around 40% of people, saving between $60-$80 per month.

 

“Australians have become ‘considered consumers’ by prioritising those things that they consider personally valuable,” Ms Slade said.

“For some, that means keeping the daily coffee and croissant while for others that means saving on take aways to secure Taylor Swift tickets – it’s about personal choice and deciding what trade-offs suit your own values and lifestyle.”

Ms Slade acknowledged that NAB customers on the whole were in a good place but that averages can mask those on the margins who really need support.

“Of the 570,000 customers we’ve reached out to so far, we identified more than 8,500 home loan customers who might be at risk or need that additional support given their financial situation, but after checking in with them, only 14 of those needed a warm introduction to our NAB Assist team,” Ms Slade said.

“More than 90% of customers who speak to NAB Assist early are back on their feet financially within 90 days. NAB Assist can provide specialised support including help pausing, reducing, or restructuring payments.

“If you’re becoming concerned about your financial situation or your circumstances have changed since you last heard from us, make sure you get in touch for support. We’re here to help.”

 

Notes to editors:

  • Insights from banker conversations with customers and NAB Consumer Sentiment Q2 survey of around 2,000 Australians.
  • Audio grabs are available to download on the right-hand side of this page.

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Graph of changes made to spending

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Graph of monthly savings made by Australians

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Audio grab of NAB Group Executive Rachel Slade speaking about customer check-ins

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Audio grab of NAB Group Executive Rachel Slade speaking about changing spending priorities

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Audio grab of NAB Group Executive Rachel Slade speaking about customers making savings

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