Weekly Round up of Money News: what caught our eye this week.

Wrapped by Matt Bowen, Friday 20 June 🍽️ berry overnight oats.

This week we’re covering some ground, more than Brian To’o in State of Origin Game 2, in fact. From navigating the wild west of social media financial advice to squeezing every cent out of loyalty programs, staying ahead of petrol price pain, prepping for tax time, and working out this whole tipping thing – it’s all below.

🎯 The Great Finfluencer Dilemma

41% of young Australians are getting their financial advice from social media influencers. Yep, you read that right.

Now, save the eyeroll, there’s actually something encouraging here. Young Aussies are opening up to money conversations – breaking through that awkward taboo that’s kept financial literacy at bay. The cost-of-living crisis has them actively seeking to learn more about money, which is brilliant.

But it’s not without concern. ASIC just announced they’re joining a global crackdown on finfluencers who might not have the proper credentials to be dishing out investment advice. The regulator’s message is pretty clear: if you’re going to take financial tips from your favourite TikToker, at least check they’re actually qualified first.

How? Jump on ASIC’s website and search their professional register before taking any investment advice. It’s like checking reviews before trying that new restaurant – a simple step that could save you a lot of pain later.

🎁 For Love or Money? Who tops local Loyalty Programs?

It seems we’ve upped our game when looking to save. Loyalty programs are on the rise, and in a big way. We’re talking five-year highs in participation, with over half of us (51%) actively using these programs to squeeze every drop of value out of our spending.

Flybuys is leading the charge, followed by Woolworths Everyday Rewards, Amazon Prime, and Coles Plus. But here’s what’s really interesting – it’s not just the Baby Boomers collecting points anymore. Gen Y and Gen Z are driving the real growth, hunting for personalised deals, cashback options, and those sweet member-only exclusives.

Pro tips:

– Sign up for multiple programs wherever you regularly shop (why leave money on the table?)

– Actually use the perks – those cashback deals and discounts are often more valuable than hoarding points

– Go digital – ditch the physical cards and store everything on your phone so you never forget them at home

The bottom line? These programs can genuinely save you hundreds of dollars a year if you play them right.

⛽ Brace Yourself: Petrol Price Pain Incoming

Now for the news nobody wants to hear – petrol prices are about to hurt. Brent crude oil jumped 20% in just one week thanks to Middle Eastern conflicts and supply disruption fears. Australia might source most of our fuel from Asia, but global oil markets are tightly connected, and the Strait of Hormuz (where 20% of the world’s oil flows) is in the middle of the conflict zone and at risk of disrupting global supply chains.

Experts are predicting we could see petrol prices rise by 12 cents per litre in the short term (2-6 weeks), potentially hitting as high as $2.20 per litre in some cities across the country. The bigger concern? This kind of cost-push inflation is exactly what makes the Reserve Bank nervous about interest rates.

Get in now:

– Fill up mid-week when prices typically dip before weekend hikes

– Use apps like FuelCheck or PetrolSpy to find the cheapest stations

– Consider loyalty programs or supermarket fuel discounts to shave off a few extra cents

📊 End of Financial Year Tax Prep 💼

June 30 is creeping up faster than you think, and Aussies are thinking about how to keep more money in their pocket. Here’s some of the hot topics right now.

Get organised – Yes, it’s boring, but having all your bank statements, invoices, and receipts sorted will save you time and potentially money. Don’t forget your private health insurance details and investment records.

Maximise deductions – You can choose to prepay expenses or make investment interest payments to claim deductions this financial year. Work-related expenses are fair game too, but don’t go overboard – the ATO is cracking down on dodgy claims.

Super contributions – Consider making extra concessional contributions to your super or your partner’s super to reduce taxable income. If you’ve made capital gains through investments, you might want to consider some loss-making investments to offset those gains and minimise tax.

Remember, these tips won’t suit everyone’s situation, so it’s always worth chatting to a tax professional if you’re unsure about your specific circumstances.

🍽️ The Great Tipping Divide

And finally, let’s talk about something that’s got the whole country talking – tipping culture. Recent research shows Aussies are split right down the middle, with 43% of us flat-out refusing to tip at hospitality venues, even when prompted.

The main reason? Most of us reckon tipping is a US thing, and our waitstaff are treated pretty differently here. Fair point, considering our minimum wage is jumping to $24.95 as of July 1st (thanks to a recent 3.5% bump), compared to the US federal minimum wage of around $7.25 per hour (USD).

Here’s the thing though – of the Aussies who do tip, twice as many do it because they feel pressured rather than because they genuinely think the service deserved extra recognition. Only about 10% tip because they believe exceptional service should be rewarded.

The real tension comes from those point-of-sale machines and QR code ordering systems that make it awkward to opt out of tipping. It’s similar to payment surcharges – Aussies expect businesses to be transparent about their pricing upfront.

That’s your week wrapped!

Matt ✌️

@mattyb_money

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Matt Bowen is ING’s Head of Consumer & Market Insights. He appears daily on Ch7 Sunrise program with commentary on the top money stories for Australians. For interviews or media enquiries, or interview requests, please contact Cassandra Geselle