The 5th Australian Millennial Report out now: Outlook for young Aussies increasingly positive
The 5th edition of Australia’s largest and most comprehensive annual report into the attitudes and behaviours of Australians 22-39, compiled by Millennial Future, has been released this week. The 2022 edition of the research focuses on the changes that have emerged over the past five years and paints a picture of a relatively buoyant economy, and a cohort enjoying increased optimism and prosperity as they grow older.
Says Tom McGillick, co-author of the research: “The last two years of the report, it’s been difficult to know what to expect, but results have been encouraging. Young Australians are confident of achieving their financial goals, feeling fairly secure in their employment, and progressing into new life stages in the ways we hope to see.”
The report shows year-on-year increases in the percentage of Australian millennials who run their own businesses, own their own homes, are positive about private health insurance, their spending on media and entertainment, and their growing trust in large Australian brands that operate in key categories.
Says McGillick: “Our sample gets a year older every time we conduct the research, so after five years there’s an expectation that we’ll see growth in maturity, but where we previously had evidence that just getting older wasn’t really correlating with increased prosperity and development, now we are seeing that, which is pleasing if these are the people we’ll be directing our marketing and advertising efforts towards.”
It’s not all good news for Australian millennials, however. The report shows a rapidly growing preference for smaller families with fewer children, creeping scepticism around climate change among men, and increased concerns around media ownership and bias in news.
This year’s Australian Millennial Report boasts a nationally representative sample of over 1,229, 22-39 year olds, gathering responses to more than 50 questions ranging from work, health, education, brands, finance, the environment, tech, media, community, and family, to paint the most complete picture of Australia’s largest consumer segment.
The research was conducted as an online survey of a 1229 Australians, served in January 2022 to the Australian Dynata consumer insights panel, drawing a nationally representative sample of Australians aged 22-39.
The full 192 page 2022 Australian Millennial Report is available here.