Millennials most confident about finances, BT says

Millennials are the age group that are most optimistic about their financial future, with 74 per cent saying they will be in a better financial position in two years’ time despite the rising cost of living, new research from BT Financial Group showed.

Over 50 per cent of Australians more broadly, feel more optimistic about their financial position in two years’ time, while 30 per cent believe they will be in the same financial situation and 14 per cent believe they will be worse off.

Millennials remain upbeat about their future despite 40 per cent saying it’s either difficult or very difficult to meet their necessary cost of living expenses like housing, electricity, health care and transport, the research showed.

Related News:

BT’s head of financial literacy & advocacy, Bryan Ashenden said millennials’ positive outlook was pleasantly surprising and that this group were developing strong budgeting and savings attributes from a young age.

He pointed out that millennials were better savers than people might think, with 17 per cent having savings equal to six months’ income, 11 per cent having equal to four to six months’ income and 23 per cent have equal to one to three months’ income.

However, 28 per cent have savings equal to less than one month’s income and 21 per cent have no savings, Ashenden said.

“We know millennials are often preoccupied with balancing their day to day spending with longer term goals such as a getting a foot on to the property ladder and wealth building,” he said.

“So, it’s good to see that, despite these admirable goals, millennials are looking to the future with confidence and developing good money habits.”

Related Content

Former AFS AR gets 10 years’ jail

A former financial adviser who advised clients to set up self-managed superannuation funds (SMSFs) but used the money for his own purposes has been se...Read more

Product providers should rebate grandfathered commissions says FPA

Financial services product providers should be responsible for rebating grandfathered commissions to clients who should get the full dollar amount, ac...Read more

AMP cuts MyNorth fees

AMP has announced a series of fee cuts to MyNorth for new and existing superannuation, pension and investment clients.The changes would see Lower Sele...Read more


Add new comment