New research commissioned by BPAY, the electronic bill payment system, has indicated that nearly three-quarters of 25-34-year-olds consider managing direct debit annoying and difficult.
An RFi survey of 2,034 consumers conducted in March revealed that 73 per cent of Millennials are frustrated by the direct debit experience.
The data also shows 29 per cent of this age group are nervous about cash flow. Millennials are concerned about when money will be taken out of their account. Moreover, they worry about not having enough money in their account when direct debits are processed.
The survey also found that 25 per cent of Millennials are worried about updating their bank card when it expires in time before the next round of direct debits come out and 24 per cent expressed concern about the need to trust businesses to keep their bank details safe and secure.
Meanwhile, according to the data, 20 per cent of Millennials are not sure how much money they’ll be charged for their bills. “The research shows that Millennials are the most frustrated age group when it comes to managing their direct debit, but it doesn’t have to be this way,” said Keith Brown, BPAY’s group general manager of product, scheme and business development.
“When you use BPAY, you are in control, said Brown “You can choose when to pay and how much to pay. Unlike direct debit, you can easily change a scheduled bill payment at any time and it's easy to use BPAY to schedule your bill payments.
“Just go into your online banking, enter the BPAY Biller Code, your reference number, the amount you'd like to pay, the payment date, and you're done,” he added. The RFi data also found that 50 per cent of the Millennial age group would prefer to use BPAY when it’s available to them instead of relying on direct debit,” he added.
“BPAY is still the preferred way to pay bills and is used by over 60 per cent of all Australians over 18."