Millennials spending $2.2bn on festival fever Chief Fun Officers shouting 10% more than their mates for good times
Young Aussies will spend approximately $2.2bn on festivals this summer, with group organisers funding more than their share of the fun, according to new research from instant payment app Beem It.
Research conducted by Beem It, the fee free bill-splitting app and joint venture of CBA, NAB and Westpac, has revealed more than a quarter (28 per cent) of young Aussies have a Chief Fun Officer (CFO) in their group – responsible for planning and paying for group trips – but that 2 in 5 (41 per cent) are footing up to 10 per cent more of the costs than their mates for group activities.
The patience of the CFO is being taken advantage of, with almost half (48 per cent) of people admitting they have ‘that one friend’ who doesn’t pay their fair share, over half (52 per cent) saying that it’s easy to forget surcharges and booking fees when splitting the bill, and nearly two thirds (61 per cent) have to be chased for cash.
Other key findings include:
- The festival economy: more than half of Aussie millennials are festival goers (58 per cent), spending up to $200 each time and spending $2.2bn annually. A quarter of millennials (27 per cent) are attending two or more festivals a year.
- Dedicated to dance: the most avid millennial festival goers (11 per cent) are spending $1000+ annually, meaning splitting the bill fairly becomes a necessary fiscal responsibility.
- Money getting in the way of a good time: the top frustration for festival goers is chasing friends for money after the fact (82 per cent), with other pet peeves including covering upfront costs (74 per cent), and calculating and sharing what people owe (60 per cent).
- Pay you back next week: more than half of young Aussies (61 per cent) admit to not paying their CFO immediately for their share of the bill, and a quarter (25 per cent) say it takes them up to a week to repay IOUs.
- CFO Job description: Aussie millennials say it’s the group organiser’s responsibility to book tickets, accommodation and transport (74 per cent), send around the cost breakdown (64 per cent), send the group itinerary (52 per cent), put costs on their card and pay upfront (49 per cent), chase people for money afterwards (46 per cent), organise outfits or accessories (19 per cent).
To ensure CFOs can focus on fun rather than finances this summer, Beem It has upped its daily money transfer limit from $200 to $500 so Aussies can track, pay, request and split bigger bills instantly with their mates. Beem It also now has universal pay, request and split, meaning anyone, regardless of if they have the app, can be sent a request or be part of a bill split.
Beem It brand ambassador and self-confessed #CFO, Cameron Robbie, says: “How many times have you sat late at night, putting the tickets on your card, knowing that you’re not going to see this money back for a while. Thanks to Beem It, money no longer needs to get in the way of a good time as it’s now easy for everyone to pay and get paid back instantly, so you can get on with sourcing the perfect festival outfit.”
For more information on Beem It visit beemit.com.au