[[{“value”:”A staggering 96 per cent of Millennials wished they had done this differently. Picture: Tim Hunter.
A staggering 96 per cent of Millennials wished they had done this differently.
The latest ‘No Place Like Home’ report from Great Southern Bank has revealed what the vast majority of Aussie Millennials are kicking themselves about.
The study ooks into “the financial literacy well being of Australians”, with Gen Z and millennials rating their financial knowledge as far less than that of Baby Boomers.
MORE: Finally some good news for renters
According to the Great Southern Bank report:
+ Less than one-quarter of Gen Z and Millennials have a current financial plan prepared by a qualified expert.
+ Gen Z and Millennials overwhelmingly relied on family (43 per cent and 38 per cent respectively) and friends (31 per cent and 29 per cent) for financial advice over professionals during the past year.
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
+ Fewer than one in five had consulted qualified professionals like a financial adviser, accountant, mortgage broker or bank in the past year.
+ 96 per cent of millennials surveyed wishing they had done things differently when it comes to their finances, including:
– 72 per cent wish they had made more regular contributions to savings over time
– 69 per cent wish they had set up savings habits when they were still at school
– 66 per cent wish they hadn’t spent so much on entertainment.
– 59 per cent wish they’d researched more before purchasing an investment property
– 41 per cent wish they had obtained independent financial advice before major decisions.
MORE: Inside Mark Wahlberg’s $100m Sydney mansion
Megan Keleher, Chief Customer Officer at Great Southern Bank said Aussies need to be creative when it comes to saving money.
“The second phase of our No Place Like Home report shows that Australians are seeking out ways to be clever with their money in this challenging economic environment,” she said.
“Turning to family and friends may be a great place to start in increasing your financial knowledge and it doesn’t need to end there.
The research shows younger generations are often seeing home ownership as a race to the finish line. Picture: Adam Yip
MORE: Troubled OnlyFans star’s $12m family mansion for sale
“Jumping on a bank’s website and using a budget planning calculator or a savings tool could be an easy next step to becoming more financially savvy, before potentially talking to your bank, a mortgage broker or another qualified expert.
“The more advice you seek out, the more equipped you’ll feel to make the big financial decisions in life – whether it is starting your savings journey, taking out a car loan or buying a home.”
Other findings from the report included the high rate of FOMO, or fear of missing out, among prospective homebuyers.
RELATED: Latest in home prices from PropTrack
MORE: Fraud Queen’s final humiliation
“The research also shows younger generations are often seeing home ownership as a race to the finish line,” the report read.
“In fact, 30 per cent of Millennials admitted to buying a property due to a; fear of missing out’”.
“They are also increasingly reliant on family to buy a home, with Millennials three times more likely than Baby Boomers to have called on parents for financial support.”
MORE: Ben Simmons’ risky move to get rid of home
Putin’s $2.1bn ‘kleptocrat’ mansion exposed
The post Millennials’ biggest regret revealed appeared first on realestate.com.au.
“}]]
