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Is the smashed avo generation financially savvy?
Despite being labelled as the “smashed avo generation” and being bad with money, Aussie Millennials are more confident in their financial abilities than their European and American cohort, new research has found.
Is the smashed avo generation financially savvy?
Despite being labelled as the “smashed avo generation” and being bad with money, Aussie Millennials are more confident in their financial abilities than their European and American cohort, new research has found.
Results released by shopping and payments provider Klarna revealed attitudes to and habits around money management across different age groups, including 1,100 Australian Millennials.
The study revealed that responsible money management is a high priority for young Australians and foreigners alike, with about two in five (42 per cent) Australian Millennials believing they are more financially responsible than they are given credit for.
Higher than the global average of 33 per cent, Australian Millennials claimed the number one spot, beating the other countries surveyed: US (38 per cent), Finland (36 per cent), Spain (36 per cent), the Netherlands (31 per cent), Germany (30 per cent), Norway (29 per cent), Sweden (28 per cent) and the UK (27 per cent).
Despite seeing themselves as being financially savvy, only 46 per cent feel financially stable, which is slightly below the global average of 50 per cent, the research noted.
Finland topped this list with 60 per cent, followed by Sweden, Spain and Norway with 56 per cent.
On a more positive note, half of Australian Millennials surveyed have a rainy-day fund that they regularly put money aside for — equal third with the US behind Germany (60 per cent) and Spain (54 per cent).
“In general, Millennials are optimistic about their ability to manage their own money, with two-thirds of younger Australians having plans in place to save for the future, much higher than the global average,” said Klarna’s general manager for Australia and New Zealand, Fran Ereira.
“Our findings suggest that while the way they manage their money is very different to older generations, Millennials are conscious and conscientious when it comes to their finances, with many turning to new technology and each other to stay on track.”
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