A recent survey highlights that younger Australians often engage in behaviours such as leaving devices on standby or taking longer showers. However, these same groups are also adopting modern finance tools to manage rising energy costs, which continue to put pressure on household budgets.
Electricity bills are among the key contributors to inflation in Australia. Between July and September, power costs rose by 9%, making energy one of the biggest drivers of the 1.3% quarterly increase in the consumer price index. These rising costs have pushed Australians to become more mindful of their energy habits while also prompting more creative payment strategies. Zip, a fintech company known for its buy now pay later service, commissioned a study to explore how different generations are responding.
The study surveyed over 1,000 adults and found that 95% of Gen Z and 92% of Millennials admitted to energy-wasting habits, compared to 85% of Baby Boomers. At the same time, younger Australians are more likely to use flexible payment options, with about 75% of Gen Z and 76% of Millennials doing so, compared to just 52% of older generations.
It appears that younger Australians are turning their familiarity with digital payment systems into smarter budgeting practices. Despite their higher energy use, 91% said they are actively looking for ways to reduce consumption. From cuddling pets to holding shower competitions, younger generations are mixing modern financial tools with unique methods to stay warm and save money.
