Despite facing significant financial challenges, a growing number of young Tasmanians under the age of 35 are feeling more financially secure than a year ago.
That’s according to the latest MyState Bank and Home Base Financial Wellbeing in Tasmania Report, which states one in three young people in the state believe they are better off financially now than they were 12 months ago.
The report found that 75% of younger Tasmanians are concerned about the rising cost of living and are more likely to adjust their spending and earning habits to meet the challenge.
It also suggests those under 35 are likely to pay more for essentials like groceries and fuel and save for international travel compared to older cohorts.
“The findings show that while most younger people remain concerned about rising living costs, they are optimistic about the future and actively working to improve their situation,” MyState CEO Brett Morgan said.
“Younger Tasmanians are taking proactive steps to manage their money, including cutting back on discretionary spending and taking on extra work shifts.”
The report shows that around a third of the under-35 age group expect their personal income to improve over the next year, a level of optimism shared by only 20% of Tasmanians over 35.
Home Base, formerly Colony 47, CEO Dianne Underwood said the “tired tropes” about young people choosing lattes and avocado on toast over home ownership “are as offensive as they are wrong”.
“This report shows that the financial challenges facing young people haven’t gone away, but they are demonstrating incredible resilience and willingness to adapt,” she said.
“We need to stop the simplistic blame game and focus on policy solutions that address the structural disadvantages in our community.”
