There is no doubt that Millennials are facing a different environment to previous generations. So what’s the reality for them today in terms of their preferences, habits and attitudes when it comes to managing their finances?
To shed some light on this topic, we commissioned a survey of 2,000 Australian shoppers across different age groups, including 1,000 people aged 18 to 38.
The research revealed that responsible money management is a priority for younger generations – both in Australia and across the globe:
- About two in five (42%) of millennials in Australia think they are more financially responsible than they are given credit for, compared to 33% worldwide, and 49% see themselves as ‘financially savvy’.
- Half of Australian millennials surveyed have a rainy-day fund that they regularly put money aside for, (similarly with those aged 45-54) which is slightly better than the 47% of Australians aged 55+ who do the same.
- 86% of millennials in Australia say that technology is playing a particularly important role in helping them manage their money – compared to 78% across the globe.
- Millennials are also more likely to discuss money with friends, family and colleagues than older generations. Mirroring global findings, 51% of millennials in Australia think it is important to talk openly about money and 54% say that transparency around finances is important for people’s wellbeing.
- Two thirds of Australian millennials speak openly about their salary with their partners but that number decreases with age, dropping to less than half of people aged 55+.