This June, Nine held their annual State of the Nation Finance virtual event, offering insight into the finance sector by taking a closer look at the growing cohort of younger Australians.
Toby Boon, Director of strategy & Insights, unpacked Nine’s research findings on the trends and cultural conversations happening around finance. The research was focused on a key group of Aussies aged 18-39 with a wealth driven mindset, surveying over 1,000 individuals.
They acknowledge the fact that this new wave of wealth audience is motivated and ambitious, which is driving their career and financial behaviours. The research found that:
- 88% say success is important to them, and 24% say success is the most important to them
- 94% say that a key career goal is working in a job they love, and 72% aspire to set up and run their own business
This audience currently do take an active role in their personal finance to help them achieve their goals. The research identified that two thirds have an average investment portfolio of $220k, and their wealth collectively is greater than that of Aussies aged 40-64.
A representative from Vanguard spoke on this emerging audience, revealing they are pleased at the number of new investors entering the market compared to pre-covid, and interestingly found that 74% are continuing to invest.
But where do they turn to for their source of finance, business, and investment related content?
The research found that more than half choose non-traditional sources like social media and 72% listen to relevant podcasts. The rise of the ‘finfluencer’ has become a key contributor in the finance space, with 28% of young people following ‘finfluencers’ on socials, and two thirds of this group is making decisions based on their content. Despite concerns over their credibility, it establishes an opportunity for brands to play a part in these non-traditional platforms and engage audiences with innovative, yet trustworthy content.