Gen Z Aussies embrace ‘loud budgeting’: the 2024 financial trend.

In a recent survey conducted by NAB Economics, it was found that Gen Z Aussies are embracing a new trend called “loud budgeting.” This trend involves cutting back on non-essential spending and redirecting the saved money into high interest savings or offset accounts. Young Australians under 30 are cutting back on things like eating out, micro treats, entertainment, car journeys, food delivery services, and streaming services. NAB Personal Banking executive, Paul Riley, states that this trend is all about prioritizing financial goals and setting boundaries on spending. In addition to “loud budgeting,” another popular trend among Gen Z Aussies is “no or low spending months,” where individuals give up alcohol, takeaway food, shopping for clothes, or booking holidays. Instead, they choose cheaper or free activities and put the money they would have spent into savings accounts. The survey found that 56% of Gen Z and younger Australians are using the money they save to put into their savings accounts, with an average of $450 each month. NAB has seen a 24% growth in the number of high interest savings accounts opened by Gen Z customers in the last year, and savings account balances for this age group have increased by 5.3%. NAB offers tools within their app and internet banking that help customers categorize their spending and set goals. The number of customers using these tools has increased by 62% since mid-2023. Overall, this survey shows that Gen Z Aussies are adopting a more “cash conscious” mindset and prioritizing their financial goals through budgeting and saving.