Research released today by CommBank shows more than half of Australian millennials (61 per cent) don’t have a regular savings plan and wish they could have more open discussions to develop better ways to manage their money and save (49 per cent).
The topics they are most keen to discuss are strategies to get ahead financially (54 per cent) and spending and savings habits (53 per cent).
The CommBank study looked at the attitudes and habits of Australian millennials towards their personal finances. While a third of millennials (33 per cent) try to put money into savings whenever they can, 1 in 10 are still living pay cheque to pay cheque.
When it comes to the financial achievements that make millennials feel most ‘adult’, the most significant is buying a house (58 per cent), but less than a third (28 per cent) have done so to date.
Smaller, day-to-day wins that feel more achievable include having a full fridge of groceries (22 per cent), and paying for their own streaming services (12 per cent).
That is not to say millennials have given up on their bigger financial ambitions, with more than half (58 per cent) saying they intend to buy a house within the next five years.
CBA Executive General Manager Everyday Banking, Kate Crous, said Australians in this age group recognise the importance of having a savings plan but feel they need more strategies and tools to help them save better, with only 39 per cent having a savings plan that they work to each time they get paid.
“We recognise many young Australians want to be more in control of their spending so they can start focusing on longer term goals, whether that’s saving for a rainy day or buying a home. We know that one in four millennials favour digital banking for transparency of their finances, and through our smart features in the CommBank app, we’re able to deliver even more meaningful ways for customers to engage with their money and plan ahead,” she said.
“For example, Bill Sense helps predict upcoming bills so you can see how much you may need for bills each month on one simple timeline, and Goal Tracker allows customers to set a savings goal, broken down into weekly targets so it feels less overwhelming or completely out of reach. The CommBank app enables our customers to track, budget and predict money going in and out so they can make more informed spending choices.”