Study reveals millennials prioritising travel over property as top financial goal

A new study has found that Australian millennials aged between 28 and 42 are prioritising holidays over saving for a home deposit, with 48% listing leisure spending as their top financial goal.

The study, conducted by trading platform moomoo and analysed by YouGov, surveyed over 1,200 participants and revealed that travel is seen as a more affordable and achievable financial goal for many young people.

According to the research, a 3-week holiday to Europe currently costs around $8,000, including flights, accommodation, insurance, and enjoying local cuisine.

The study also showed that this age group is supporting a growth in low-value stock and share investments to attract quick returns, often to fund their travel plans.

“About 90% of Australian millennials who have financial goals in 2024 are concerned about inflation and the state of the economy,” said Jessica Amir, moomoo Market Strategist.

Emma Lovell, a 36-year-old small business owner from the Gold Coast, said, “Investing in shares used to seem like a boys’ game, like Wolf of Wall Street. I’ve now changed my mindset to know you can have savings, investments, and debt all at once – and I can take action depending on what I want to do in life.”

Michael Boyd, a 30-year-old corporate banker from Sydney, believes everyone should be taught about the different types of debt, from credit cards to mortgages and margin loans for shares.

“I am investing across property, with some money in an offset account and investments in equities and did use investing as a way of getting the deposit for my mortgage,” he said.

Moomoo’s Learning Hub aims to empower new investors to learn the basics before progressing to advanced investing strategies, and the platform offers a comprehensive suite of technical indicators and charting tools to help users make informed decisions.

With savings accounts not expected to deliver the returns Australians have seen in previous months, investing in high-dividend stocks could be an attractive option for those wanting to maximise their savings, according to Amir.