How careful are Millennials really with their money?
Ben Thomas,
Customer Experience Manager
Health Insurance Expert, who’d sign up for that job title? Ben Thomas did in 2008 and hasn’t looked back.

It probably doesn’t come as a surprise that in reality Millennials are incredibly careful with money and constantly balancing the cost of living. Here's how they're doing it.

 

Millennials might be having fun but they’re managing money very carefully

The ‘smashed avo’ generation have it so easy right? You’re enjoying long, expensive brunches every weekend, updating your social media, binging on Netflix, planning your next holiday on Airbnb…life is just one big part-ay!

That’s how Millennials are often portrayed. However, it probably doesn’t come as a surprise that in reality you’re incredibly careful with your money and constantly balancing the cost of living.

So even though your generation is predicted to have the most spending power of any generation in 2018, you’re not out there spending up a storm. Growing up in a time of rapid change has made financial matters pretty complex.

Here are 3 signs you’re definitely a Millennial when it comes to money

1. You’re a savvy bargain hunter

Whether it’s Uber eats, online shopping or a gym membership, you know how to spend wisely and not get ripped-off.  

Research also shows that Millennials are actually less interested in purchasing big ticket items like cars and luxury goods. The share economy is expected to increase in years to come.

Access over ownership is more the norm and you’re not as materialistic as older generations might think.

2. You have a very firm monthly budget

It’s natural to be wary of adding any unnecessary dollars to your budget. So while the stereotype about millennial brunches is half true, you’re probably not eating out every weekend.

Maybe you’re saving for a first home, repaying a holiday credit card bill, or just saving for a rainy day. You may even have tried some of the most popular money management apps for Australia, which cleverly track your saving goals and weekly budgets.

3. Your spending habits regularly change

Nobody should dictate how and where you spend your hard earned dollars. Millennials are incredibly powerful when it comes to shaping how companies do business.

However, these spending habits can change a lot in your late 20s and early 30s – shifting priorities might mean updating a subscription or membership for something more important.

It’s possible you’ve considered private health insurance before, perhaps even got a few quotes, but decided against it. Maybe you still felt in tip-top shape at the time or you didn’t get a tailored quote.

At Members Own, we don’t promise the world, just health insurance from our not-for-profit funds that deliver better coverage, more benefits and make you happier.

If you’re looking for health insurance for the first time and have a definite budget in mind, here’s a checklist to help make the decision easier.

Alternatively, if you want to see how health insurance could help, you can use our online comparison service to do most of the work for you.

You can also call us on 1300 34 34 36, and we’ll help you find the best health cover for you from our panel of not-for-profit and mutual health funds.