According to new figures released by an international Visa survey, Australians can't account for up to $60 a week and adds up to an average $3,000 to $3,500 Nett annually.
The survey asked 12,000 adults to estimate the amount of cash they spend on unknown items; and so-called “mystery spending” in Australia of around $60 a week, accounts for about a third of our average $176 cash spend a week.
Based on the survey findings, Australians seem to hold the un-enviable title of world leaders in cash wastage when compared with developed nations around the world such as the Japanese who lose track of only $11 a week and the Americans $21 a week.
So where does the money go?
Based on the research, Australian consumers were most likely to mystery buy when they were buying food and groceries, on a night out socialising, shopping for non-essential items, snacks and dining out.
20% of men and 25% of women in Australia said they were losing track of more cash than a year ago. While there was little difference between the mystery spending habits of men and women, there was a considerable increase in unaccounted cash among the 25-34 year age group.
Visa's general manager for Australia and New Zealand Chris Clark, said the research highlighted the stark realities for families undertaking New Year budgeting.
"Most people simply cannot afford to be losing close to $60 a week,'' Mr Clark said.
Most respondents agreed that keeping a closer eye on your spending habits and putting that weekly saving towards your mortgage or investing, would be preferable in the long run.
Little amounts do add up.