Splashing the Cash Leaving Millennials #broke
Small IOUs are leaving young Australians strapped for cash, with new research from instant payment app, Beem It, revealing our national unpaid mate debt is worth $6.2 billion.
Beem It, a free app designed to make paying, requesting and splitting the bill easier and instant, has hit the market following research that shows more than half (68 per cent) of Australians have lent money to a friend and never got it back.
Although in the red, people are willing to let debts between mates slide, with rounds at the pub (67 per cent), buying communal items such as toilet paper (64 per cent), covering the taxi (56 per cent), and paying for dinner when restaurants don't split the bill (52 per cent), among the most likely to be forgiven and forgotten.
Not wanting to have the awkward conversation, Australians are avoiding asking for their money back either because the amount is considered too small (25 per cent) or they're too embarrassed (19 per cent).
To ensure little debts don't become big problems, Beem It has teamed up with the second most famous Robbie and self-confessed #broke guy, Cameron Robbie, to show Australians how easy it is to get back in the black.
"We've all been there. Buying that round of drinks, or shouting brunch for a friend – we all think it'll come out in the wash, right? But when an awkward amount of time passes and payday is just a little too far away, you find yourself with a tricky dilemma – do you chase your mate down for the money they owe you, or simply live on a pack of rice crackers for the next week?
"Downloading Beem It means no more awkward requests for the squad's bank details or having to use your calculator when the bill arrives. It's simply one app, easy, free and instant – you'll never be out of pocket," Cameron said.
Beem It is available to download in the iOS and Android app stores and is giving all new users $5* (once they complete the sign-up process) to help them get back in the black.
For more information on Beem It visit beemit.com.au.
Interview with Cameron Robbie
Question: How has shouting your mates brunch or an Uber affected your savings?
Cameron Robbie: Anyone who knows me, or my Instagram, knows that budgeting is not my forte. All it takes is an espresso martini or two and suddenly my bank card has a mind of its own. It's nice to share the love amongst friends, but it's painful when my spending goes overboard. Thankfully Beem It allows me to share those costs, hassle free and in the moment. And if I forget? Thank god for the request feature!
Question: What purchase decisions have you made that in hindsight weren't the best things to spend your cash on?
Cameron Robbie: An Uber when you should have caught the train, Aesop handwash when you should have gone to Coles. Adding bacon to my $22 breakfast along with a Bloody Mary is a sure way to syphon that paycheque away. But life is about enjoying the little things, right.... right?
Question: How can we stop the awkward 'split the bill' conversation?
Cameron Robbie: How many times have we sat there juggling cash, exchanging details and somehow still end up paying double the cost of our meal? It gets awkward and it's annoying, but Beem It is a game changer. The split feature allows you to instantly split the costs of the bill ensuring that money doesn't get in the way of a good time, relegating those awkward moments to a thing of the past.
Question: Can you tell us about Beem It?
Cameron Robbie: Beem It is a new instant (and free!) payment app that removes the hassle and awkwardness of having to ask for money back from your friends and family. It allows Aussies to pay and get paid instantly, no matter who they bank with. Have you ever had to hunt for your BSB and account numbers? Perhaps you've told a friend 'not to worry about it' and they can shout the next one? With Beem It, you don't have to request your mate's BSB or account numbers, you only need their phone number to send or request money. Too easy!
Question: How does Beem It work?
Cameron Robbie: Beem It uses a super-easy interface, is built on EFTPOS and is a partnership between Commonwealth Bank, National Australia Bank and Westpac. You know this thing is legit! It has bank-level security, encryption, and real-time fraud monitoring.
Question: What's the best part of Beem It?
Cameron Robbie: It's amazing how seamlessly this app has entered my everyday life, with my friends and housemates using it constantly. Before Beem It, I'd tried every trick in the book to get money back, even changing the autocorrect in my mate's phone from 'money' to 'pay Cam back'! Since downloading Beem It I've become more organised with my spending habits. I am tracking what's going in and out of my account, as well as what I'm owed. Plus, because Beem It is instant, so there's no two day waiting period for the funds to appear.
Question: What's next for you?
Cameron Robbie: At the moment I am putting a lot of focus into my acting. Film has always been my biggest passion and I'm really excited for what is to come. That being said, getting to interact the way I do on Instagram is a really unique and enjoyable experience. It's awesome to have a platform where I get the opportunity to be creative and either make comedic skits or bring light to topics I'm passionate about.
Interview by Brooke Hunter