New research from Westpac has debunked the myth of Australian millennials living hedonistically for today with little thought to their financial futures. The study’s nearly nine out of ten Australian students make managing their money a priority.
Money management takes many forms for young Australians. They told Westpac putting together a budget and sticking to it, learning how to invest, and reducing the number and amount of debts are all important for financial savviness.
Approximately 52 percent of the students interviewed said financial management was important for affording the expenses that occur day-to-day. Two in five said they manage their money to maintain an active social life.
But most millennials know financial savviness isn’t just about how you act today, but also what you do with your money in future. Almost a third of Australian students are considering saving for a deposit for their first home. Many students surveyed said they also wanted to save to afford an extended overseas stay and to kick-start a share portfolio.
Westpac research found the average Australian student spends $17,686.40 every year. Rent, utility bills, food, study expenses, transport, entertainment and socialising, and technology, including mobile phone and Internet tariffs, all contribute to this expenditure.
Despite a willing attitude, seven out of ten Australian students say they find financial management difficult. If you’re one of them, speak to Chase Edwards. Our financial experts can provide an honest assessment of your finances and help you devise strategies to get you where you want to be. Call us on 1300 854 833 to organise your free financial health check.