Sydney, Australia — Spaceship is proud to announce the publication of its first ever "Money Check In" report. This comprehensive report provides insights into the financial realities and future outlooks of our community, drawn from the recent Money Check In survey.
This survey gleaned more than 1,000 respondents across Australia who selected to participate. Here's a demographic snapshot:
- Most respondents are millennials (58.5% aged 25-44).
- The gender split was roughly 60:40 male to female.
- Most live on Australia's east coast (77.3%), with a significant concentration in metropolitan areas (80.2%).
- A large portion are single or dual-income households without kids (62.6%).
Key findings around their financial realities include:
- They're relatively high income earners: 62.1% of respondents earn more than the Australian median wage ($75,000+), with 15.5% earning more than $150,000 annually.
- Many live comfortably: More than half consider themselves to be “living comfortably” (51.1%) or “financially thriving” (4.8%).
- They have an above average level of financial literacy: Respondents rated their financial knowledge at an average of 5.6/10, with 18.7% rating themselves as a 7/10.
- They're relatively experienced investors: 83.4% have been investing for at least a year, with stocks being the primary investment choice (42.9%).
In terms of their financial outlook, the key insights are:
- They're mostly happy about their situations: More than a quarter (27.5%) are happy with their current financial position. Additionally, more than a third (35.1%) expressed they feel they are on the right track financially.
- They are largely optimistic about their financial futures: A majority (53.5%) are optimistic about their financial futures.
- The factors contributing to optimism include stable employment, business ownership, having supportive family and social networks, accessing financial education, and positively leveraging debts.
“Many members within our Spaceship community share our long-term view on investing,” says Spaceship CEO Andrew Moore. “What we’ve found is that those with an optimistic outlook on their financial futures believe that their small efforts matter, and they have faith that they will compound into something more significant.”
“Long-term investing is a philosophy that we’ve propagated since our inception as a business,” says Moore. “We’re thrilled to see that that’s translated into giving people a real sense of satisfaction about their current financial standing, as well as hope and confidence that their futures will be even better.”
However, there are segments of the Spaceship community that appear more financially disadvantaged than others. They include:
- Rural residents: Metro residents earn more and are more financially optimistic compared to rural residents. Almost one-third (31%) of rural respondents earn less than $50,000 per year, compared to only 17% of metro respondents. People living in rural areas are almost three times more likely to earn under $25,000.
- Women: Men are more likely to earn over $150,000 and are twice as likely to be very optimistic about their financial futures compared to women.
- Under 35s: Almost half (46%) of respondents aged 35+ earn $100,000 or more, compared to only 26% of 18-34 year olds. 25% of 18-34 year olds also earn under $50,000.
Key challenges for those with a pessimistic view about their financial futures include:
- High cost of living.
- Starting to invest late.
- Inability to buy property.
- Lack of financial knowledge.
- Income instability.
“This Money Check In also revealed to us which segments of our community are struggling financially,” comments Moore. “This will allow us to direct our efforts towards supporting and uplifting those groups with quality financial education, as well as accessible investing opportunities.”
For further comment, please contact Bryna Howes, VP of Marketing and Brand, at bryna@spaceship.com.au