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We aim to empower millennials to make smart money decisions.

So, who are the Millennials?

In simple terms, Millennials, or Generation Y, the all-embracing label for those currently aged between 25 and 40.

Born from the early 80s through to the turn of the Millennium, this is a cohort which largely came of age at the outset of a global financial crisis, but also amid a vast acceleration in digital technology.

Millennials have a different view of the world

than those which came before them.

As the baby boomers enter retirement and Generation X settles into middle age, millennials are the new force in Australia’s economy. They now represent almost half our workforce (44% of all workers) and one out of every three dollars spent.


Despite their importance to our economy, the financial behaviours of millennials are poorly understood.

The ‘avocado on toast’ meme paints millennials as a spendthrift generation, more likely to fritter their last dollar away on brunch than to save for a house or build a nest egg.

The mistrust is mutual with many millennials expressing distrust of established institutions such as banks (35% distrust), with trust declining over the last year. And while millennials manage money differently to their parents, that doesn’t mean they are less financially responsible.

Faced with the rising cost of housing, education costs that have doubled in a generation, and record levels of underemployment, millennials are in fact responding sensibly to greater financial pressures in the way they spend, use credit, and save.

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Here are 5 myth-busting facts which demonstrate that millennials manage their finances closely using new technologies and, in many ways, are more financially prudent than their parents:

1. Kicking the credit addiction: Millennials are turning away from credit cards. The proportion of young people with a credit card has fallen from 58% to 41% in the last 14 years. Millennials are 37% less likely to own a credit card than older Australians because they see credit cards as being costly and risky. Millennials have about half the credit card debt of older Australians as a proportion of their income. Millennials are increasingly using BNPL as a cheaper alternative to credit cards. Almost 70% say Afterpay helps them use credit cards less, so they avoid interest costs and debt traps.

2. Savvy spending: Millennials have different spending priorities to their parents. Millennials are delaying their house purchases and spending their money on education, health, and lifestyle. They spend much less on cigarettes and alcohol, and more on public transport and private health insurance.

3. Generation save: Millennials are better savers than their parents. 36% of millennials say they save regularly compared to just 28% of older Australians. 80% of millennials have a budget compared to just 67% of older Australians. When millennials need money, only a quarter will turn to banks, with most preferring to use savings.

4. Tech tools: Millennials are using technology to help them manage their finances closely. 30% of millennials use online tools to track their spending and 7% use budgeting apps. 72% of millennials use technology to compare prices before they shop compared to just 28% of older Australians.

5. Budgeting with Buy Now, Pay Later: Millennials are turning to Afterpay because it meets their needs better than banks and credit cards. 57% use Afterpay because it helps them budget. A vast majority (93%) of Afterpay transactions incur no late fees as a result of Afterpay’s highly valued in-built protections.

So despite the ‘smashed avocado’ stereotype, millennials are responding prudently. 

You better believe it!

Is it time for a

financial plan?

Do you have savings but aren't sure how it should be invested?

Have you just received an inheritance or lump sum of money?

Do you need personal insurance like income protection but aren’t sure where to start?

Do you earn a good salary and want to make the most of it?

Are you living paycheck to paycheck, and never seem to make any progress toward your goals?

Do you need to consolidate your super accounts?

Do you just want to learn more about investing, super and money stuff in general?

Ready to start planning?

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