Gen Z's Money Habits: From Overspending to Saving Millions

Liam, a 17-year-old from a financially unstable background, transformed his spending by keeping most of his earnings in cash, eventually saving close to $10,000 for a car, a holiday and moving out. National survey results indicate that Australians aged 18-29 have the strongest intent to save, outpacing older cohorts, with women slightly ahead of men. The generation faces a novel financial environment dominated by instant payment methods, BNPL services and a flood of online guidance.

Conversations with three 16-year-olds—Hugo, Bree and Evelynn—show diverse budgeting strategies and lingering uncertainty about future home ownership. Alyssia Kennedy, who runs the Life After School program, stresses that many schools lack the resources to teach practical money skills, a gap felt across families. Meanwhile, the ASIC Moneysmart report finds that most Gen Zers turn to social media, finfluencers and AI for financial tips, though many also consult professional sources and relatives. The trend suggests a growing, self-directed effort among young Australians to master money management despite limited formal education.