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    Val Morgan Digital uncovers Gen Z and millennials’ spending habits

    Young Australians are increasingly reallocating their savings towards music, fashion, and travel as both Gen Z and millennials look to enrich their lives.

    Val Morgan Digital has released the findings of a research study conducted in April via Conjointly, which delved into the spending and saving habits of over 1,000 Gen Z and millennial Australians.

    The study uncovered the impact of a growing phenomenon called ‘money dysmorphia’, a distorted view of a person’s financial health which can lead to harmful financial behaviours.

    The research was also undertaken with a readership sample from Val Morgan Digital’s stable of brands including LADbible, BuzzFeed, Fandom, and POPSUGAR.

    The study found that both Gen Z and millennials are prioritising experiences and personal fulfilment over traditional markers of financial success. Both demographics reported spending up to $1,500 a month on interests such as music, fashion, and travel.

    Gen Z has lower knowledge of financial concepts compared to millennials, but claim to know more about debt. 61% of respondents claimed to be familiar or very familiar with the concept. However, Gen Z is battling the highest rates of HELP debt and Buy Now Pay Later services.

    Val Morgan Digital director of growth and partnerships, Julia Willing, said the research “highlights why the need for improved and regulated financial education for young Australians has never been more important — particularly as we know that social media is their top source for financial guidance, which is rife with misinformation.”

    43% of Gen Z respondents reported to be saving for a home, but 37% believed it is an unattainable goal.

    “We have a number of money-focused launches slated across our brands in H2 that will engage our passionate audiences and we’re looking for partners to help bring these to life,” Willing added.

    The post Val Morgan Digital uncovers Gen Z and millennials’ spending habits appeared first on Mediaweek.

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