How to get a handle on subscription creep
I chat to Matt Bowen, head of consumer and market insights at ING Australia, to talk about how addicted we are to subscriptions and what you can do about it.
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Today’s episode is about something many of us don’t realise is happening until we stop and really look at our bank account… subscription creep.
All those streaming services, apps, software subscriptions, food boxes, memberships and cloud storage plans that quietly pile up over time. In fact, ING’s latest research found Australians are now spending a staggering $26.5 billion a year on subscriptions - and the number keeps growing.
Because most of these services are only “a few dollars a month”, they often fly under the radar, even as they slowly start taking a bigger bite out of the household budget.
So in this episode, I sit down with Matt Bowen, Head of Consumer and Market Insights at ING Australia, to talk about the huge price tag of Australia’s subscription addiction, why these business models are so effective, and the practical things we can do to get the costs back under control.
We also tackle another financial task many people avoid entirely: opening their super statement. Kate Rolfe from Aware Super joins me to explain the three key numbers everyone should be checking, why fees matter more than people realise, and the important detail too many people leave blank.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the conversation:
How much are people in their Prime Time years actually spending on subscriptions? Matt breaks down the generational differences and why younger Australians are spending almost double.
The clever psychology behind free trials: Companies make it incredibly easy to sign up but difficult to leave.
The simplest way to identify subscription creep: Matt shares why a quick scroll through your banking app can instantly reveal what’s draining your money.
The rise of family bundles and shared accounts: From entertainment streaming to software and cloud storage, consolidating services can dramatically reduce costs.
The “switch on, switch off” mindset shift: Matt explains why you don’t need every streaming service running all year round, and why rotating subscriptions can save both money and mental load.
Are free trials a trap? Matt shares one simple habit that can stop “free” subscriptions turning into ongoing payments.
Plus: why you should stop ignoring your super statement. Kate Rolfe from Aware Super explains the three key numbers everyone should be checking, why fees matter more than people realise, and why leaving your beneficiaries section blank could create major problems later.
From Bec’s Desk
Happy Prime Time podcast day! The week is almost over. I’ve been on the road to Sydney and Cairns this week speaking at the Financial Counsellors Conference - amazing people who help people in really difficult situations to untangle their debts, get back on their feet and rebuild their lives financially. I spoke about how Epic Retirements aren’t just for the wealthy.
And while I was travelling, I did a little look over the number of subscriptions I have 😳 and I think I need a tidy up! It’s amazing how these things creep up on you.
I want to remind you that you can download my retirement budgeting tool free from my website and use it to list out all your recurring subscriptions. (There’s instructions in How to Have an Epic Retirement - The book!). It’s a great way to keep track!
🌟 And I challenge you to get your super statement out and give it another look too. You can use The Epic Retirement Tick criteria and assessment to review how your super fund is tracking and whether it’s ready for your retirement
Thanks for listening! Cheers Bec Xx
