Invest
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.”
About the author

About the author


Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. ...Read more

Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. ...Read more

Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. ...Read more

Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. ...Read more

Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. ...Read more

Spending
Sydney ranks among top data centre markets in the world
Sydney ranked eighth globally and clinched the third spot in the Asia-Pacific data centre market as the industry continues to expand at a breakneck speed. ...Read more

Spending
The trends driving consumer change in 2022
Global research has provided insight into the top consumer trends for the 2022 calendar year. ...Read more

Spending
Household spending takes a hit after strong December
Strong spending over the Christmas shopping period in December has been followed by a weaker January. ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. ...Read more

Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. ...Read more

Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. ...Read more

Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. ...Read more

Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. ...Read more

Spending
Sydney ranks among top data centre markets in the world
Sydney ranked eighth globally and clinched the third spot in the Asia-Pacific data centre market as the industry continues to expand at a breakneck speed. ...Read more

Spending
The trends driving consumer change in 2022
Global research has provided insight into the top consumer trends for the 2022 calendar year. ...Read more

Spending
Household spending takes a hit after strong December
Strong spending over the Christmas shopping period in December has been followed by a weaker January. ...Read more