It’s quite common for drivers to experience mishaps on the road, with one in four reporting involvement in minor collisions that result in dents or scratches.

Failing to report such incidents before departing the scene might result in penalties for the driver.

Financial advisor Sean Callery cautions that even seemingly insignificant accidents can become a financial headache, especially when the responsible party fails to provide their contact information.

“These situations can lead to costly repairs and insurance headaches for the vehicle owner,” Callery explained.

“Depending on the extent of the damage, it may also negatively affect the car’s resale value,” he added.

The study found younger drivers are less likely to report such an incident, with 84 per cent saying they had left the scene of a minor collision unreported.

This figure is far higher than Gen X, 56 per cent, and baby boomers, 40 per cent.

“Accountability appears to decline sharply among younger drivers,” Callery said.

He also claimed it went against Australian values to fail to report a minor collision.

“Australians pride themselves on doing the right thing, so quietly driving off after hitting someone’s car, even if there’s no damage immediately visible, doesn’t sit well with that idea,” he said.