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Money moves: young Aussies breaking the money taboo

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In 2021, nearly every topic imaginable is safe to discuss but there’s one long-held taboo that still doesn’t seem fair game - money.

Feel it differently. Get in sync and give yourself the freedom to enjoy the here and now, as well as relax into the what next.

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To mark the launch of Money by Afterpay, we dug deep into the thoughts and
 opinions of a group of Aussies - gauging how open, confident, positive and
 savvy Aussies are when it comes to talking all things money. ​

 

 Turns out, an overwhelming 81%1 of Aussies surveyed believe the topics of
 finances and money still aren't widely accepted to have a gab about. But the
 next generation is ready to put the topic on the table for the good of their
 financial futures, relationships, binary gender equality and so much more. Of
 those of us who believe money is still a taboo, 86% of Gen Zs and 78% of
 Millennials are ready to officially break down the barriers *cue Miley Cyrus’
 2013 hit ‘Wrecking Ball’*

 

 For the Gen Zs of Australia, they feel having open money conversations would
 give them clearer goals to benchmark against (41%) and better access to
 first-hand tips and tricks (41%). While the majority of the younger generation
 demonstrate comfort in having money conversations, the fear of judgement (51%)
 and lagging behind (33%) is making some of this group uncomfortable in talking
 openly, suggesting a clear need for support and a safe space to engage - here
 is where Money by Afterpay enters the convo.

 

 Money by Afterpay brings to life a new approach to money that better resonates
 with Gen Z and Millennials. The app includes a number of features that support
 customers reaching their financial goals after our research revealed
 three-quarters (74%) of Gen Z claim they’d be better at saving if they could
 envisage the end goal and one-third (34%) said their transaction account would
 be improved with personalised features relevant to their lifestyle *ahem,
 Money Stories*.

The research also revealed a lingering gender divide when it comes to money in Australia. When it comes to those who are comfortable talking about financial topics, men claim to be more confident in their understanding of money (43%) compared to women (31%), while women are more likely to describe money as ‘stressful’ (36%) compared to men (27%).&nbsp; Similarly, almost two-thirds (62%) of females believe that women are at a greater disadvantage as a result of money being a taboo topic, compared to less than half (46%) of men who believe this to be true.

The binary gender divide persists when it comes to money 

After perusing Aussies’ attitudes to money and financial habits, our research has revealed that money is also impacting romantic relationships - gulp. More than half (55%) of Aussies say they would reconsider the future of a romantic relationship if they discovered their partner's money habits were different from their own.&nbsp; But it’s taking way too long to put money on the date night agenda with the average Aussie taking 6.3 months to discuss the topic with a partner, while Gen Z broached the subject at 4.9 months, the shortest amount of time of all age groups. Alarmingly, 15% of Aussies have never spoken or presently speak about money in their previous or current relationship.

Swipe right for a saver and left for a spender?

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To help y’all start having those transparent chats about those dolla’ dolla’ bills, Money by Afterpay has created Money Mojo cards. What are Money Mojo cards you ask? It’s a game packed with conversation starters to stimulate those convos about moolah with your friends, family, partner, or anyone you want to tackle the taboo with. You can download your own Money Mojo cards <a href="https://cdn.builder.io/o/assets%2F712d405213224816b5eaf2850bda030d%2F3eebb321082f4345bdaf82c7438b2d4a?alt=media&amp;token=5b14512c-d974-416d-987b-e0c647a20e88&amp;apiKey=712d405213224816b5eaf2850bda030d" rel="noopener noreferrer" target="_blank">HERE</a>. So what are you waiting for? Grab a pair of scissors, cut along the dotted lines and get playing!&nbsp;

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To join Money, you will need to have an Afterpay account (or sign up for one!) to log into the Money app. You can download the app from today on the App Store. For Android users, never fear as an Android version is expected in early 2022!

1Research commissioned by Afterpay and undertaken by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 2074 Australians 18+. The survey was conducted online amongst members of a permission-based panel, between 12th and 20th October 2021. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics. Important things:Money by Afterpay is a product from Afterpay Australia Pty Ltd (ABN 15 169 342 947, AFSL 527911), with accounts and debit cards issued by Westpac Banking Corporation (ABN 33 007 457 141, AFSL 233714).&nbsp;Any advice has been prepared without taking into account your objectives, financial situation or needs.&nbsp;So before acting on the advice, you should consider whether it's appropriate to you, in light of your objectives, financial situation or needs.

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Money Site Explore

Have access to hacks which feel more like superpowers. Maybe you realise you need to free up some cash flow after buying the expensive cheese. Earn Pulse points for setting up a daily transaction account and get extra points for your first savings goal with $50 deposited. You also get a better view of every Afterpay order directly in your Money app.

Putting your money to work, and you in control.

Thinking about your future doesn’t have to feel like a never ending series of commitments. Or something too far away to think about now. It can be something you set and forget. It can be next week, next month, or next year. Feel free to chill.

Living in the present is easier with a little planning.

Money by Afterpay meets Apple Pay. Take Money by Afterpay with you everywhere you go by adding your digital card to your Apple Wallet. Whether you’re in a store, online or in an app, it’s an easier, safer, and more secure way to pay.

Have Money always on hand. 

Everything you need to make your Money Story yours.

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At the App Store,Money awaits.

81% of Aussies surveyed don't like talking about money. But Gen Zs & Millennials are ready to break down the barriers. Let's start talking finances, together.