Australians are now spending $37 billion and 1,650 hours online every year as connectivity plays a bigger role in our lives.
According to Suncorp’s Cost of Being Digitally Savvy report, Australians (18 – 64 years) spent an average of $2,465 (or $37 billion collectively) on technology services and digital devices over the past 12 months.
While connecting to the internet was revealed as the biggest expense ($1,428) followed by the purchase of digital devices ($772), the nation’s thirst for on-demand entertainment via TV subscriptions and apps totalled $265 per person.
Unsurprisingly, the report revealed Australia’s young digital natives also significantly contribute to the billion-dollar industry, with families (with children under 18) spending nearly a quarter more than the national average ($2,995), which was primarily driven by mobile phones and streaming devices.
While it’s no surprise many feel technology has become an essential part of life, Suncorp EGM Digital Distribution Tony Wessling said we’re spending more hours than ever before.
“The research found we spend between four to five hours online every day, which equates to nearly 68 days a year,” Mr Wessling said.
“While this may seem like a lot, it can be easily done considering we use technology for 70 per cent of our everyday activities like paying bills, banking, watching TV and keeping up to date with news.
“We just need to be mindful of the impact our digital reliance has on our back pocket, especially considering the data revealed 40 per cent of additional or unanticipated tech costs are covered by credit or dipping into savings.