What a waste: $10 billion binned every year
RaboDirect urges Australians to reduce food waste and boost savings.
What would you do with $1,100? Spend it on a long weekend away, pay down your credit card debt or squirrel it away for a rainy day?
Per household, Aussies are wasting almost $1,100 on food each year, collectively throwing $10 billion in the bin; money that could be saved through planning and smarter spending. These are just some of the results featured in the RaboDirect Food & Farming Report 2016, as part of the annual RaboDirect Financial Health Barometer.
Cost of Living
This year, Aussies have claimed to spend over $720 billion on groceries annually, with families spending almost $30 per week just on groceries for each individual child.
Across the states, New South Wales (NSW) spends most on groceries, at an average of $159 per week with Tasmanian (TAS) residents spending the least, $136 on groceries per week.*
Who are Australia’s biggest wasters?
The Report finds Gen Y the most wasteful with more than one in four claiming to waste more then 20 per cent of food each week. NSW is home to most wasters, with 18 per cent of respondents saying they waste more then 20 per cent of their food each week. Consumers living in capital cities are generally more wasteful than those in regional areas, and those who believe there will always be an abundance of natural resources are more likely to waste food.
Through releasing the RaboDirect Food & Farming Report, RaboDirect is encouraging Aussies to review their spending and food waste habits to make positive changes for the future.
“When we reduce the amount of food that gets wasted, or reaches landfill, there are significant environmental, economic and social benefits that can be realised, that goes beyond the obvious benefit to the hip pocket,” said Glenn Wealands, Head of Market Research, Rabobank Australia and New Zealand.
“By making a few changes to your everyday life, such as using leftovers for lunches throughout the week and making sure you check the fridge before going shopping, Aussies can reduce food waste and save money. Picture what an extra $1,100 in your bank account every year could do to help achieve your financial goals or investing in your passions. If you invest the additional $21 a week into a true high interest saving account you’ll be another one step closer to achieving that goal.”
Food and financial happiness
The RaboDirect Food & Farming Report also revealed a correlation between food waste, financial duress and happiness levels.
Those who waste more than half their food each week are more likely to indicate they ‘always feel like they’re in the red’ or ‘need to scrimp and save to make ends meet’ compared to those who waste less food. While 72 per cent of males and 83 per cent of females surveyed feel unhappy when food is wasted, throwing out food continues to be an issue for all Australians.
“RaboDirect is committed to informing Australians about the important need to reduce food wastage. If every household reduced weekly waste by just one third, almost $4 billion would be saved collectively per year benefiting your back pocket and also contributing to a long-term abundance of food and water for future generations,” Mr Wealands said.
“Australians who take responsibility for their finances through careful budgeting waste less and save more, and are happier. We are encouraging all Aussies to reduce food waste and boost savings for a brighter future.”
The full RaboDirect Financial Health Barometer Food & Farming Report including more statistics and segmented data can be downloaded here.
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As part of the annual RaboDirect Financial Health Barometer, RaboDirect surveyed 2,300 Australians, aged between 18 and 65, about their attitudes towards food and waste, savings and debt, as well as farming and resources.
For six years, the RaboDirect Financial Health Barometer has delivered a comprehensive overview of the nation’s attitude towards savings and debt; taking the pulse of how financially prepared Australians are as well as the effect juggling finances has on our wellbeing.
The survey is conducted in order to empower Aussies to better understand and improve their financial situation by arming them with insights into how they can save more effectively.
This year, the RaboDirect Food and Farming Report was launched as part of the RaboDirect Financial Health Barometer, investigating food and farming in Australia, to raise awareness about the value of agriculture to the country and help Aussies better understand the processes involved in getting food from our farmers’ gates to our plates.
RaboDirect is the online savings arm launched by Rabobank Australia Limited in 2007. As savings specialists, RaboDirect is passionate about helping customers achieve their savings goals, through a range of high interest savings accounts and competitive term deposits.
RaboDirect is a division of Rabobank Australia Limited, part of the Rabobank Group, one of the world's leading specialists in food and agribusiness banking. Rabobank has more than 115 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness.
Once or twice a year you may need a doctor or a plumber but every day, three times a day, you need a farmer. Rabobank is the premier lender to the world’s food and agriculture industry and has a strong presence in Australia. While Rabobank supplies funds to Australian farmers, every dollar saved with RaboDirect helps finance these loans, which contributes to the growth and development of food and agribusiness within Australia.