PHOTO: 96 per cent of Millennials wished they had done this differently. Picture: Tim Hunter.
An astounding 96 percent of Millennials express regrets about their financial decisions, as revealed by the latest ‘No Place Like Home’ report from Great Southern Bank. The report delves into the financial literacy of Australians, highlighting a significant gap between the knowledge levels of Gen Z, Millennials, and Baby Boomers.
Key findings from the report include:
- Less than a quarter of Gen Z and Millennials have a financial plan prepared by a qualified expert.
- The majority of Gen Z and Millennials sought financial advice from family and friends rather than professionals.
- Only a small fraction consulted qualified professionals like financial advisers or accountants.
- A staggering 96 percent of Millennials expressed wishes for different financial choices, such as making regular savings contributions, establishing savings habits earlier, spending less on entertainment, researching more before investment property purchases, and seeking independent financial advice before significant decisions.
66 per cent of Millennials wish they hadn’t spent so much cash on entertainment, according to the Great Southern Bank study. Picture: Ian Currie
Megan Keleher, Chief Customer Officer at Great Southern Bank, emphasized the importance of creativity in saving money and suggested various avenues for improving financial literacy, including utilizing budget planning calculators and savings tools provided by banks before seeking advice from experts.
Additionally, the report highlighted a prevalent fear of missing out (FOMO) among prospective homebuyers, with 30 percent of Millennials admitting to purchasing property due to FOMO. Millennials are also shown to rely heavily on family for financial support in home purchases, being three times more likely than Baby Boomers to seek parental assistance.
SOURCE: NEWS.COM.AU