Younger Australians Actually Have Good Credit Habits According To Research

Post by Sharat on September 28, 2018 · Under banking · Comments Off on Younger Australians Actually Have Good Credit Habits According To Research 

Millennial’s are often criticised for their financial management skills, particularly for their love of spendthrift activities such as expensive brunches and international travel. However, it turns out that young Aussies may actually be quite financially savvy especially when it comes to avoiding bank charges and debt. According to research released by ING, Australian millennial’s are not only actively seeking to minimise their bank fees, they also place a lot of importance on paying off debt as quickly as possible.

Paying of debt quickly

According to the research more than half of millennial’s considering a personal loan considered it extremely important to be able to pay off the debt early whilst as much as 60 per cent considered it positive if a loan has extra repayments as a feature. The research suggests that millennial’s have an incredibly considered approach to debt management and when it comes to making large purchases they really think about their financing options and seek to pay down debt as quickly as possible.

Save on fees by switching lenders

Whilst younger Australians may be looking to avoid fees completely, research suggests that Australian households incur about $500 in bank fees every year. Banks raked in about $4.5 billion in fees from their customers last year, representing a 3.1 per cent increase from 2016. The main culprit is credit card fees and if consumers feel as if they are getting a raw deal, then they should reassess their banking products. Banking fees can be avoided altogether by switching to a provider that does not charge fees. It is possible to save hundreds of dollars every year by shopping around for a banking services provider that provides fee free services and that money can be used for the household budget instead.

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