When cutting back on non-essential spending to improve our household budgets and make our dollar go further, we can often forget about the fees attached to payments themselves.

Money Transfer Comparison commissioned an independent study of 1000 Australians to gauge whether they will actively change their payment methods for expenses, goods and even when transferring money. Respondents were asked if they would make any changes from a list presented to them, from paying bills through BPay, PayPal or direct electronic transfer to avoid credit card surcharges, to having automatic debits set up for some regular payments to avoid missed payment fees, from researching the lowest money transfer fees and exchange rates when making international payments, to using apps to split bills.

The survey respondents cover a geographical and population spread that is reflective of the Australian population.

Money Transfer Comparison presented respondents with a list of payment changes and asked them to select which ones they would embrace over the next year to save money. The survey found that three quarters (76 per cent) of Australians will make at least one change to save money.

Among the respondents that will be making changes amid rising inflation, 69 per cent will use BPay, PayPal or direct electronic transfers to avoid credit card surcharges and save money, while 45 per cent will research the lowest money transfer fees and exchange rates when making international payments. A third (35 per cent) of respondents will set up automatic debits for some of their regular payments, to ensure they can pay their bills, and 11 per cent will use apps to split bills between friends and family members.

The survey results suggest Australians are becoming more financially conscious and, amid rising inflation and interest rates, are closely considering ways to save money across all aspects of their lives.

Responses were close across the states and territories: Australians shared similar sentiments on payment hacks to save money, regardless of their geographical location. ACT residents are most likely to look for savings across their payment methods: 82 per cent, compared with 75 per cent of West Australians, 73 per cent of South Australians and 71 per cent of Victorians.

NSW residents are slightly more likely to conduct research to find the lowest money transfer fees and exchange rates when making international payments, at 36 per cent. This compares with just 29 per cent of South Australians and ACT residents and 31 per cent of Queenslanders.

A larger proportion of ACT residents were more likely to pay bills through BPay, PayPal or direct electronic transfer to avoid surcharges, at 59 per cent. This compares with just 49 per cent of Victorians and 44 per cent of South Australians.

Queenslanders were more likely to have automatic debits set up for some regular payments, to ensure bills are being paid on time (chosen by 33 per cent). In contrast, 25 per cent of WA residents and 20 per cent of Victorians said the same.

Despite the popularity of different payment hacks across the States and Territories, some respondents insisted that they won’t be looking for ways to save money through their financial transactions. Victorians were the least likely to use payment hacks, at 29 per cent, compared with 21 per cent of NSW residents and 18 per cent of ACT residents.

Money Transfer Comparison also analysed the results to look for age-based trends. It found that the younger the age group, the more likely individuals are to change the way they pay for bills and good, and transfer money. Almost nine in 10 (87 per cent) of 18-30-year olds will change their payment methods, compared with 79 per cent of 31-50-year-olds and 68 per cent of over-50s.

Younger Australians are more likely to conduct research to save money: 47 per cent of 18-30-year-olds will find the lowest money transfer fees and exchange rates, compared with 38 per cent of 31-50-year-olds and 24 per cent of over-50s.

A third (32 per cent) of over-50s said they would not be looking for ways to save money through transactions. Over-50s were also the least likely to use apps that split bills between friends or members of their household, at just 3 per cent.

Younger Australians are more likely to conduct research to save money: 47 per cent of 18-30-year-olds will find the lowest money transfer fees and exchange rates, compared with 38 per cent of 31-50-year-olds and 24 per cent of over-50s.

Interestingly, a similar proportion of Australians, regardless of age, will pay bills through BPay, PayPal or direct electronic transfer. Half (56 per cent) of 18-30s identified this as an activity they will do in the next 12 months, followed by 53 per cent of 30-50-year-olds and 51 per cent of over-50s.

These payment methods are widely known as secure and safe ways to manage bills, often built into a user’s secure internet and mobile banking apps. BPay, in particular, is widely referenced on bills as an accepted payment method, easing accessibility for Australians regardless of their age and allowing them to manage bills seamlessly.