Millennials money&

research reporta

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about

In Millennials and Money, we asked 565 Millennials about their wealth, needs, goals,concerns and more to find out what they really care about. The results were eyeopening.

1. The basics

2. Constantly striving for balance

3. The most complicated relationship

4. Investment outlook vs debt outlook

5. Millennials and charity

CONTENTS

BASICS

the

12% 36% 40% 12%

Millennials are currently the largest generation of people. They were born between 1980 and 1996

age 20-24 age 25-29 age 30-34 age 35-38

Relationships

28%

single

31% 6% 34% 1%

in a

relationship

engaged married divorced

Children

12% 15% 73%

one kid 2 or more kids no kids

Income

9%

17.5%

26%

19.8%17.5%

8%

2%

$25.000

0.2%$25.000

- 50.000

$50.000

- 75.000

$75.000

- 100.000

$100.000

- 150.000

$150.000

- 250.000

$250.000

- 500.000$500.000+

one kid more than one kid no kids

2% 60%

unemployed student professional entrepreneur

sports pro media pro tradesperson other

4% 19%

0.6% 2% 2% 10%

Work

Generation glass half full

When we asked about the personality type and general attitude of millennials,we found that most are optimists. 

66%Optimistic and

positive

24% 10%neutral Pessimistic and

skeptical

Priorities across the board

Fitness

12% 34% 40% 14%Everyday or almost

every day

Three to five days

a week

Once or twice a

week Rarely or never

Social lifeMillennials aren’t just glued to their phones. They love

to get out and about with mates, too!

1.5%Everyday or

almost every day

Three to five

days a week

21%

Seeing the world

61%Once or twice

a week

16.5%Rarely or

never

The majority rated travel to be important (7/10) 

Turns out staying fit and healthy is a priority too, with 87% ofMillennials working out at least once or twice a week  

pRIORITIES ACROSS THE BOARD

constantly striving forbalance

What motivates Millennials?

Unlike the generations that precede them, millennials value experience over everything else. 

When it comes to millennials and their jobs, our survey showed  it's not just about the money.

 

Millennials & Net WEALTH

85%of those in our survey reported they are moremotivated toward experience than possesions. 

said they strive to find balance between good pay anda reasonable job they like

50%

68%

said that it’s extremely important to them that theircareer and role aligns with their passion and purpose 

5%would be in it for the money completely even if they hated  the job.

  only

the most complicatedrelationship

08 The Most Complicated Relationship Of All

How we relate to money is a huge factor in how we spend and invest it

money management

manage money  themselves.

only                        feel they are totally in control

We know there are many contributing factors to our relationship with money. So we dug deeper:

reported that the way they feel about money is partially attributed  to their upbringing and partially to their individual life experiences.

For the most part, millennials reported that their upbringing positively impactedtheir relationship with money 

60%positive impact

17%no impact negative impact

23%

58% 13% 10% 8%

33%

experience guilt when spending, even with investments and savings

spend without thinking about

the consequences

 don’t feel in control and are aware that they’re not using it effectively

dislike money and avoid thinking about it

73%

11%

their partner  manages it

get help from their parents

get help from a financial advisor

get help from  an accountant 

13%

22%

12%

12%

Money & influence

Millennials are either pretty independent or only let their friends spending habits influence  their decisions sometimes.  

13%Only                   feel pressured to spend in a similar way as their friends

comparing wealth with friends

And when it comes to income…

Mum is not the word when it comes to money

5% never talk about money and were taught not to speak about it.  42% reported they sometimes talk openly about money with friends and family 

as they’re not shy about it. 40% reported they talk about money with someone they trust, and only rarely.

12% are a completely open book about money.

feel they have less wealth than them  

feel they have much less wealth than them  

feel they have more wealth than them  

feel they have much more wealth  than them  

feel they have similar wealth  

think they earn less 

think they earn  much less 

think they earn more

think they earnmuch more

think they earnthe same

26%

5%

 22.5%

6%

40%

23.2%6% 21.5% 2.8%42%

investment outlookvsdebt outlook

Knowledge is power

Do Millennials have it?

said they didn’t feel prepared to manage their personal finances when they graduated from high school 50%

of our respondents said they couldn’t remember taking part in anypersonal financial management education at school. 

Our survey revealed the lack of financial education at school is a great contributor  to millennials not feeling able to manage their personal finances.

80%

while a staggering

What do millennials consider to be risky?

When it comes to shares, millennials consider them to be…  

And when it comes to property, millennials consider this investment to be…  

Not risky, butimportant to

building wealth

According to these results, millennials are slightly more open to investing in property than shares overall. 

Somewhat risky,

but okay to  invest in:

Not risky with the right education

Unsure

Risky enough to  avoid completely

39% 38% 16% 5% 2%

Somewhat risky, but not something

  to avoid

Not risky with the  right education

Not risky at all,important to build wealth

Unsure

Risky enough to  avoid completely

19% 43% 19% 14% 5%

Millennials know that some debt is healthy

51.5%feel that debt is

necessary to build wealth

17.2%say they avoid debt at all costs

21.3%say that debt is okay if it’s used to build income

10%report that credit card debt

is just a part of their life

39%

35%

23%

22%

7%13%

FOR THOSE MILLENNIALS WHO ARE ENGAGED WITH THEIR FINANCES,

THESE ARE THE PRODUCTS THEY USE

Superannuation

Credit card

Life insurance

Mortgage

Income protectionservice

Property

85%

45%

42%

41%

39%75%

39%

Total & permanentdisability

Shares

Personal loan

Trauma insurance

Managed funds

Self managedsuperannuation

Taking a closer look at those who aren’t investing...

37% are waiting until they earn more or receive a bonus or windfall.

 1% are waiting until marriage and 4% are waiting until they reach a specific age.

11% don’t know where to start and 3% reported they don’t know who to ask for help.

 3% are concerned about losing money and are held back by the risk factor, while  

3% just haven’t gotten around to it. 

Why don’t millennials have financial advisers?  

concerns about the cost:

Millennials As Investors

When asked about who they would seek advice from,                 said they'd go to a

financial adviser or planner first. 49%

 would hit up the bank. 

uncertainty about which one to choose

a distrust in  financial advisers

no time

ONLY 3%

 38% would seek advice from their friends or family before going to a planner

8% would go to an accountant

For the millennials that do have financial advisers, here’s what their experiencehas been:  

Millennials and Insurance

42% of the Millennials we surveyed feel adequately insured, with 5% feeling as though

they're overinsured and a worrying 30% feeling underinsured.

What's worse... 13% have no idea if they have any insurance at all.  

feel happy paying for it out of their super. 

The majority, however, are on the fence with paying for insurance out of their super.

33%

would be happy to pay for insurance from their cash flow

don't value insurance or don't want to pay premiums

would split it between their super

and cash flow

gave a clearer picture

of goals & purpose in life

provided coaching

& guidance 

provided expert

advice

helped 

increase wealth

improved relationship 

with money

met like-minded

 people

helped work through 

beliefs around money

millennials

charity

&

Millennials are very driven by social causes, especially when it comes to doinggood with the purchases they make. But do they donate regularly to charities?

Here’s what we found out: 

42% said they donate, but nothing regular 30% said they donate to a cause regularly

11% said they donate both money and time regularly 7% said they donate time regularly, but not money 

77% said they donate 0-2% of their income annually

For those who donate, the percentage of their income they give to charitiesvaries, but one group is clearly dominant. 

Overall, millennials want to participate in philanthropic giving over

their lifetime, even if they feel they’re not yet financially able.

44% said they want to give more 

and plan to do so in the future

24%

22%

said they already give a lot

 want to, but don’t believe they’ll ever financially be able to

90%

14% donate 2-5% of annual income   4% donate 5-10% of annual income

   3% donate over 10% of annual income 

of Millennials donate in one form or another