Money is on everyone's minds right now.
Especially Millennials who are facing a range of new financial pressures, from higher house prices to growing education costs.
On top of that, they're the generation who have been told they could afford to buy a home actually — if only they stopped buying smashed avocado on toast. It's a lot on their shoulders.
According to new data from ABC, today's 30 to 34-year-olds are the first generation in more than 47 years where most don't own a house. The average 2023 loan is over eight times what a 34-year-old earns yearly. Plus, the cost of loans, cost of living and house prices are higher, but wage growth isn't matching up.
Watch: 5 money lessons your parents told you, that you should probably forget. Post continues below.
Pointing out these facts isn't about bringing the mood down. Rather, it's about letting young women know that this is a universal experience. It's okay to feel a bit sh*t about finances when comparing yourself to your parents when they were a similar age.
This week Mamamia surveyed over 350 Australian Millennial women between the ages of 28 and 43 to get a more realistic picture.
We asked these women who work outside of the home how much they have in their savings account right this very second, and they shared. We also asked how much they are earning and what their savings goals look like.
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