Ubank helps customers manage their bills and budgeting ahead of the festive season

New research shows that more than two-thirds of younger Australians use budgeting methods. It comes as the bank introduces a Bills account in addition to their Spend and Save accounts.

Australian digital bank, Ubank, has recently introduced a new everyday banking account, Bills, and budgeting features in the app to give customers better control and visibility over their day-to-day finances so they can feel good about spending this festive season.

Ubank customer insights found the main pain points when it comes to money management are saving money (66 per cent), knowing how much is left after bills and savings (37 per cent) and knowing if bills are covered (33 per cent)[i].

Separate Ubank research looking at Gen Z and Millennials found that 74 per cent of younger Australians use some method of budgeting. The top five included:

• Traditional budgeting – listing income sources and allocating amounts to expense categories (30 per cent).
• Pay-yourself-first budget – setting aside a portion of income for savings or investments before spending or paying bills (27 per cent).
• 50/30/20 budgeting – allocating 50 per cent of the budget to essential expenses, 30 per cent to discretionary expenses, and 20 per cent to savings and debt payments (24 per cent).
• ‘Bucket’ or ‘envelope’ system – allocating money into ‘buckets’ or ‘envelopes’ for different spending categories (21 per cent).
• Zero-based budgeting – accounting for every dollar earned so that income minus expenses equals zero (15 per cent).

However, despite their efforts, one in four younger Australians reported they always or almost always run out of money before payday.

Starting today, Ubank is launching a competition encouraging new and existing customers to set up their Bills account, if they haven’t already. There are two $10,000 cash prizes to help with their upcoming bills. The promotional period ends on 5 January 2025, and the winners will be announced on 28 January 2025*.

Ubank’s Chief Product and Growth Officer, Andrew Morrison, said: “Managing daily spending, bills, and saving for life’s bigger goals is challenging, especially for younger Australians. Many customers make trade-offs to stay on track but need that extra support when it comes to good money management.”

“Our new bills and budgeting app features address young adults’ key pain points. Customers can see their money in the context of their pay cycle and know they’ve set aside money for bills each pay,” he said.

The new Bills account, alongside Ubank’s Spend and Save accounts, gives customers a dedicated place for their bills. The digital card allows them to make bill payments directly from the account, leaving a clear picture of what’s left to spend and save this silly season.

Customers can use Ubank’s Bills Planner to see a timeline of their upcoming bills. Spotted Bills then predicts and suggests upcoming bills to add to the timeline based on past payments. And Pay Cycle helps customers manage their cash flow by showing the time until their next payday, proving that all important countdown right where their money is.

Another feature unique to Ubank is Connected Accounts, which lets customers connect accounts from other financial institutions to see their full financial picture in one app.

Mr Morrison added: “These features are based on feedback from our Gen Z and Millennial customers. They want features that quickly show if they’re spending more than they’re earning and provide visibility of all their accounts in one place,” he said.

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About Ubank

Ubank is a daily money companion, empowering a new generation of Australians to be more successful with their money, offering proactive product features and insights designed to help Australians get ahead.

About the research

All figures, unless otherwise stated, are from YouGov. Total sample size was 1311 adults. Fieldwork was undertaken between 31 May – 6 June 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian Gen Z and Millennials (aged 18 to 43).

Media enquiries

For media enquiries, please email: media@ubank.com.au

For more Ubank Newsroom stories, visit: https://www.ubank.com.au/newsroom

Promotion disclaimer

Receive one entry for each Ubank bills account held as at 5/1/2025. Two winning entries, drawn at random, will each win $10K paid into that account. Prizes drawn on 6/1/25 in Sydney. Winners published on ubank.com.au. Ts&Cs apply – see ubank.com.au/campaigns/kill-bills Products issued by Ubank, part of NAB. Info is general. Consider it’s right for you. TMDs at ubank.com.au/tmd Permit numbers NSW TP/03874, ACT TP 24/02447, SA T24/1854