Young Australians are using new budgeting tools to save hundreds every month, a new study has revealed.
New consumer sentiment data from NAB Economics shows Australians under 30 are saving more than $450 each month by cutting back on a handful of expenses.
The research suggests new budgeting trends such as “loud budgeting” are helping Australians to “own” their savings goals.
NAB Personal Banking executive Paul Riley said younger Australians are embracing the trend, which is gaining momentum overseas and social media.
“In 2024, being ‘cash conscious’ is officially cool with terms like ‘loud budgeting’ emerging overseas and on social media,” Riley said.
“‘Loud budgeting’ is all about unapologetically prioritising your own financial goals, setting smart boundaries on spending, and feeling comfortable to talk about it openly and authentically.”
Using this trend, Australians under 30 are most commonly cutting back on eating out at restaurants ($124), micro treats such as coffees, snacks and lunches out ($73), entertainment ($64), car journeys to save on petrol ($70), food delivery services ($96) and streaming services ($30).
Riley said NAB had seen a “steady growth” in the number of young Australians opening savings accounts in the past years, despite rising cost of living pressures.
“Rather than going out for an expensive dinner with friends, younger Australians are confidently opting to stay in and choose to put that amount into a high-interest savings account or pay down debt,” he said.
