Press Release Managed IT Services

Australians waste $19.4 billion per year on products and services they don't use.

  • Consumer trend of ‘savvy life spenders’ revealed
  • ahm re-launches with new products in direct response to changing consumer needs
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New research reveals the average Australian wastes $1597 a year on products and services they don’t use, resulting in the country throwing away $19.4 billion. Following the global financial crisis however, a growing group of more savvy Australian spenders has emerged. In response ahm has launched new health insurance products for people who are prepared to cut out the bells and whistles and only expect to pay for what they want or use.

The research, conducted by ahm health insurance to mark the launch of its new online products, has shown mobile phone contracts (44%) and gyms memberships (43%) to have the biggest wastage, with the average Australian not using half of the services they pay for; equating to over $218 and $263 a year per person respectively.


Internet bills and TV subscriptions are equally shocking, with the average Australian spending $235 per year on data they never use - almost a third (32%) of the total annual bill - and over $400 a year on unwatched TV channels.

Conversely, there is a new consumer trend of ‘savvy life spenders’, with nearly half (44%) now researching online and 15% regularly switching suppliers to ensure they get the best deal. According to futurist and social researcher Neer Korn, savvy life spenders are more selective in their spending, minimising waste in order to obtain the best deal possible.

In response to this growing trend, Medibank, Australia’s number one private health insurer has re-launched the ahm brand with a new suite of competitive products. These innovative products, available online and via phone, are designed for savvy consumers who know exactly what they want – only paying for the things that matter, not the things that don’t. Uniquely, all the new ahm products include combined extras limits, giving consumers the freedom to spend their benefits any way they want - meaning you can claim more of the things you actually use.

Korn observes: “Whilst some are more dedicated than others, everyone’s keen to find products, services and packages that suit their specific needs.

“The ability to obtain the best deal possible and avoid wastage has become a status symbol for Australian consumers who want to see themselves and be seen to be smart shoppers.”

Commenting on the launch, Chris Carroll, General Manager, Marketing & Digital - ahm and Medibank, says: “There’s an increasing trend in Australia towards savvy spending. People don’t like waste and they don’t like spending money on things they don’t use. ahm will provide cover to people like this who’ve long been ignored by the health insurance industry. ahm believes in less waste and more freedom. This means no bells and whistles, just simple products and more flexibility.

“Unlike other private health insurers ahm now combines all extras limits into one, allowing members to have true flexibility to claim on the things that matter to them. For example, you can use your entire limit just on routine dental or spread it over any of the included extras.

“ahm doesn’t have branches and we have a simpler range of products. It’s about being resourceful and being focused on the things that matter to individuals. It has all the backing, experience and security of Medibank but cuts out some of the services other people feel more comfortable having.”

Korn adds: ‘”Many consumers are still driven by spontaneity and impulse purchasing. By searching a little harder and finding flexible products best suited to the individual, they can all avoid excess waste and spend more on the things they want.”

Over the next 12 months ahm will be launching a series of events for members and non members alike called ‘ahm Savvy Life Projects’, designed to help consumers be more savvy in every area of their lives, whilst also having fun.

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NOTES TO EDITORS

Research conducted by Pure Profile for ahm in July 2013 on a sample of 1,006 Australians across the country.

www.ahm.com.au

INFORMATION ABOUT AHM

ahm takes a no-nonsense approach to health insurance, cutting out unnecessary costs and offering more choice. With a flexible product range, including smart new packages giving consumers more freedom, ahm helps consumers claim more and waste less.

ahm is part of Medibank - consumers get the security and backing of a trusted national brand that recognises and supports the philosophies of ahm.


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