A survey of 1000 Australians born after 1946 revealed that 85% of Millennials are more likely to budget than Boomers. That doesn’t necessarily mean the young’uns are better at budgeting, the Ubuy survey results show.
“Through this survey, we wanted to know how different generations spend and save their money, alongside finding out which non-essential items are deemed worthy enough to have money set aside for them each month,” said Faizan Khan at Ubuy.
“We know that, for many, the cost of living has increased significantly in recent times – and this has likely had a big impact on the ways in which people spend their hard-earned money throughout the month.
“Overall, our survey found that the younger generations are largely more likely to budget heavily each month, while the older generations still largely have financial freedom. We also found that, for most generations, the non-essential expenses they just can’t live without differ quite significantly.
“It has been really interesting to see how these spending and budgeting habits have formed throughout different generations over time.”
Around 20% of respondents budgeted between AU$131-$150 each month for non-essentials, while 18% each budgeted between AU$30-$50 and AU$91-$110 per month.
And of course, many Australians were also guilty of going over-budget on these non-essential purchases. Ubuy found that almost half (49%) of respondents often overspend by 25%-50%, while 20% of respondents go over budget by less than 25% and an additional 20% stay within their budget at all times.
Across all generations, going over budget by 25%-50% was the most common amount.
Broken down generationally, the following are the percentage of respondents who overspend on non-essentials each month:
Gen-Z (51%)
Millennials (50%)
Gen X (49%)
Boomers II (42%)
Boomers I (35%)
Do you have a monthly budget? How likely are you to overspend? What budget tips can you share with younger generations?
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