We surveyed 1000 Australian female millennials (18-35) to understand their attitudes and habits in relation to physical health vs. financial health.
The research showed a significant gap between their desire to achieve financial independence and their understanding of what’s required to achieve it.
Here’s what we found out:
- 77% said financial independence is important to them but less than half are confident in their financial future and only two-in-five are actively seeking to improve their financial knowledge.
- 22% said they pay little attention to their finances.
- Only a quarter spend money on their financial fitness, compared to 60% who have spent money on their physical fitness over the last 12 months.
- The median spend on their physical health was $400 over the last 12 months, compared to $0 on financial knowledge.
- Almost a third (32%) believe that managing personal finances for the long term is not a priority for millennials.
- When it comes to super, only a third of respondents (33%) know how their superannuation is invested and more than one in five (22%) don’t know how much super they have saved.
- When we gave millennial women a hypothetical $1000, they said they would spend 33% on financial wellbeing, 29% on physical appearance, 19% on physical fitness and 18% on mental wellbeing.
Only a quarter of millennial females spend money on their financial fitness, compared to 60% who have spent money on their physical fitness over the last 12 months.
On average, women currently retire with $90,000 less than men. This, coupled with an average gender pay gap of 14%, shows the odds are still stacked against Australian women.
It’s time to invest in your financial fitness now.