Millennials are actually pretty darn money-savvy
Despite what certain avocado-hating property tycoons might think.
Research commissioned by Afterpay shows that millennials have positive attitudes towards budgeting and spending and are actually pretty darn money-wise.
The data showed that most millennials (defined as those 18-34) stick to a budget and spend loads of time researching a purchase before buying.
They're also smart enough not to fall into the credit card trap - this group is more inclined to spend their own money rather than piling purchases onto a credit card. Most millennials (52%) prefer to pay with direct debit with just 23% citing credit cards as their preferred payment method.
In addition, the data shows this group spends more time researching purchases when shopping (58%), compared to older demographics.
Nick Molnar managing director of Afterpay, said, “Millennials often get a bad rap when it comes to how they spend their money, but our research and experience suggests millennial stereotypes are wrong. Millennials are in fact money-wise, financially disciplined, and clear about their spending commitments.”
And in case you weren't convinced, of all the respondents in the survey that said they wanted to spend less this year, 45% were millennials.
Basically, the survey shows millennials are savvy savers and shoppers who are thoughtful about searching for a good deal. But we millennials knew that already.