1. The nature of work is changing

While most respondents were working full time or part time, one-third of respondents also had a side hustle outside their normal job suggesting this is an entrepreneurial generation with big aspirations.

2. Housing affordability is the second biggest pressure

Following on from mental health concerns, 27 per cent of people surveyed said housing affordability was the most pressing issue for young people, followed by getting a job and climate change. However this generation is positive and 79 per cent believe they’ll still manage to own a house one day. 

If you’re trying to save for a house you might like to check out the new First Home Saver Super Scheme that allows you to save in your super (while potentially benefiting from tax concessions)

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3. Debit is still an issue

Excluding university debt, 28 per cent had more than $5,000 debt. Over half of people surveyed also had less than $5,000 saved in the bank. However it’s not all doom and gloom. Research from ING+ suggests that Australian millennials are actively looking to pay less on bank fees and placing importance on being able to pay back their debt as quick as possible.

From 1 July 2019 you’ll have to start paying back your HECS and HELP loans as soon as you start earning $45,800 a year^ – so it’s important you sit down and take a look at your budget. Try our online budgeting tool or read our article on budget apps that you can download to your smartphone. 

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Money today can affect your future

While it’s easy to live in the moment and treat yourself now, developing good money habits early could put you in a better position later on in life – no matter what generation you’re in.

Steps such as being wary of taking on too much debt, developing savings goals and even considering a strategy for your super can all help set you up for success. While we can’t be there to stop you overindulging in that latest online purchase, you might like to consider our checklist for good money habits below:

• Set a budget and stick to it – even if it means waiting to purchase that latest thing you want
• Set both short-term and long-term financial goals which will motivate you to keep saving 
• Create an emergency fund that could support you in the event of job loss, medical emergency or unexpected bill
• Minimise the amount of debt you take on where possible and prioritise paying it off
• Consider finding and consolidating your multiple super accounts – it could save you heaps in fees by the time you retire

* https://www.abc.net.au/triplej/programs/hack/whats-up-in-your-world-the-census-for-young-people/10051266#Money 
+ https://mozo.com.au/personal-loans/articles/millennials-busting-stereotypes-with-attitude-to-debt-and-fees-ing 
^ https://www.abc.net.au/triplej/programs/hack/government-lowers-earning-threshold-for-student-loan-repayments/10119248