Almost three quarters of Gen Z and Millennial Australians are using thrifty saving techniques to balance spending priorities whilst keeping up with their lifestyles.
The news, which runs contrary to popular belief, comes on the back of a new study from Afterpay, which allows consumers to pay for products with four interest-free instalments.
Whilst four in five (81 per cent) of Aussies enjoy dining out with friends, more than one-third (37 per cent) are ordering the cheaper options on the menu so they don’t sacrifice dining out altogether.
They also share their subscription logins with friends and family (73 per cent), avoid using credit cards (35 per cent), buy items second hand or on sale (34 per cent), use buy-now-pay-later services such as Afterpay to budget (29 per cent), and avoid buying café coffees (29 per cent).
In fact, three quarters (75 per cent) of next gen Aussies reveal they get more enjoyment from saving money than spending it on the latest fads and trends.
“It’s been 12 months since we’ve been enjoying getting back into the things we love most – spending time with friends at restaurants, seeing live music, and returning to travel. But now many Australians are faced
with a new challenge of watching their spending in this current economic climate,” said Katrina Konstas, executive vice president, country manager at Afterpay
“The Afterpay Cost of Culture Study delves into how next gen Aussies are balancing the competing priorities of the increasing cost of living and keeping up with lifestyles. The findings show the thrifty techniques the next generation are using to maintain a balanced budget, showing why they really are some of the most culturally and financially savvy generations yet.”
Millennials and Gen Z Aussies are more financially resilient than sceptics may think, however it has affected the mindset of the next generation. Although one quarter (26 per cent) prioritise savings first and then budget with what they have left over, almost 2 in 5 (39 per cent) are worried they don’t get paid enough to cover expenses if inflation continues.
Interestingly, as so-called “Zillennials” are often unable to get on the housing ladder, they have taken to alternative forms of investing. For example, one in five (21 per cent) have invested in cryptocurrency, which is more than sneaker collections (20 per cent), stocks (18 per cent), property (11 per cent), and luxury handbags (8 per cent).