Guess what? Millennials aren’t as worried about lender scrutiny as we think.

In a recent ABC article, usual scare tactics were being doused around Millennials and their finances by suggesting the new, stricter lending laws (which require banks to engage in quite heavy probing into lenders’ spending habits) are spooking Millennials out of purchasing property. Speaking pretty square at our Millennial generations, the article warned that purchases using services such as UberEATS and Afterpay will be scrutinised, as well as other “frivolous” spending habits like coffee and entertainment. The article warns us that these Millennial-type purchases may have an effect on a young person’s chances at securing a home loan, regardless of the size of their deposit.

I asked my Millennial friend, who has been saving for a house deposit for 2 years if he was worried. His answer,

“I’m not worried about them scrutinising my spending habits, because my spending habits are fine.”

Mic drop.

Of course, I wasn’t surprised by the confidence, it just reminded that my biases have no grounding here.

You see, we all are convinced we should “worry for Millennials” when the financial climate has a big change like this, but what we forget is a very plain fact; someone who is bad with money is bad with money, and someone who is good with money, is good with money––regardless of what generation they belong to.

My Millennial friend said he’d never used Afterpay and limited his credit card limit when he started saving for a deposit. Since his saving regime started, he also cut down on buying coffee out, instead opting to make coffee at home. And while he enjoys the convenience of UberEATS when he is feeling lazy––don’t we all–– he understands the balance between treat yoself and cook for yoself, fool, you on a budget.

I wasn’t surprised by this attitude, because of my recent study into Australian Millennials in the Workplace. The results of my survey of 1000 Australian Millennials in the Workplace revealed really positive facts around Millennial attitudes toward saving and spending.

The working Australian Millennials I surveyed proved a financially viable lot, with almost 30% intending on purchasing a home within the next five years.

And they will certainly make great lending candidates in my eyes. More than half of them have zero unsecured debt. And 1 in 5 with more than $30,000.


According to my unique data, the Millennial Generations make up a financially mature workforce with more 70% proclaiming they would only leave a job if they had another and the majority favouring the better paying jobs. To me this says future home-owners, great employees and good taxpayers. But that’s just me…what do you think?

To cut through the crap, read more about the actual attitudes and behaviours of Australian Millennials in the Workforce in my free eBook. Download today or, better still, hit me up and let’s talk about your Millennials.

Written by Emily Jaksch

Author, Speaker, Coach & Millennials Expert