Despite over one in three homeowners struggling to pay their mortgage, just as many Aussies (35 per cent) have three or more streaming service subscriptions, according to the latest data from Finder.
The average Aussie spends $44 per month on streaming platforms, adding up to $528 a year.
Eighty-two per cent of Aussies use at least one service, while 54 per cent pay for two or more, Finder’s Consumer Sentiment Tracker found.
Over one in 10 people (12 per cent) have a whopping five or more streaming subscriptions.
This is despite cost of living pressures leaving 35 per cent of homeowners struggling to meet mortgage repayments and 44 per cent of tenants struggling to pay rent, as of January this year.
The cost of streaming services can quietly hurt household budgets. Picture: iStock
Finder personal finance expert Sarah Megginson said the cost of streaming can really add up for households.
“Subscriptions are such a silent budget killer,” she said.
“It’s not just the fact that we have so many subscriptions and we lose track of how much we’ve got that causes issues, it’s also that the streaming companies increase the price every year.
“So, what was $6.99 when you signed up is now costing $20 a month.”
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Aussies are most likely to be subscribed to Netflix, which raised subscription prices last year. Picture: Mario Tama/Getty Images/AFP
According to Finder, Australians with a streaming service are most likely to be subscribed to Netflix (64 per cent).
In August last year, the streaming giant raised the price of each of its subscription tiers in Australia, with its standard ad-free model rising from $18.99 to $20.99 per month.
Ms Megginson said the price her family was paying for subscriptions shocked her.
“I did an audit of our streaming and subscriptions in my household of five … and I was so shocked at the total,” she said.
“I would have estimated we were spending $80 to $100 a month; we were actually spending $183.
After cancelling unused streaming platforms and choosing one music streaming platform, Ms Megginson said she brought streaming costs down to $130 a month, saving $600 a year.
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Finder personal finance expert Sarah Megginson. Picture: Supplied
Despite rising costs, Finder’s data found that 74 per cent of Aussies with a streaming service think they are getting good value for their money.
Finder’s data also found some generational differences, with Milennials spending the most on streaming ($47 per month) and Baby Boomers spending the least ($38 per month).
That’s a difference of $108 annually.
“Anecdotally, we know that younger generations are far more comfortable streaming entertainment and content on their digital devices than Baby Boomers,” Ms Megginson said.
“So, it’s unsurprising that our data showed Baby Boomers report the lowest levels of monthly spending on streaming.”
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