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20-something men spend more than women

07 November 2016 

They are known as the transitionary and exploratory years, now new research has debunked the myth that 20-something women spend more than their male counterparts.

This age group often struggle between saving to achieve the great Australian dream of owning their home and investing in life experiences such as travel. However, research reveals the biggest barrier to their financial success may not be their FOMO (fear of missing out) mentality, rather their spending behaviours, especially for men.

The Suncorp Cost of Your 20s Report, the latest in Suncorp's Cost of Living Series, investigated the financial behaviours of men and women aged 20 - 29 from around the country, and revealed men are the biggest spenders.

While more than 60 per cent of men, nationally, claim to be 'good with money', on average they spend $2,974 per month, compared to women who spend $2,470 per month . This includes nearly $500 per month on their appearance and health (clothing, footwear and medical/personal care).

Suncorp Regional Manager Danniele Sim said the results provided great insight into the priorities of people in their 20s and the life choices they face.

"Our research shows that people in their 20s face conflicting financial priorities such as wanting to save for a house deposit, eating out and taking holidays," Ms Sim said

"Nearly half of men surveyed said they didn't want to miss out on social events, yet the same percentage are also worried about being able to purchase a property or pay off a mortgage."

Despite their mentality of 'wanting to have it all', Ms Sim said it was great to see that those in their 20s are still prioritising their savings and planning for future investments.

"It's important for people in their 20s to balance saving for the future and enjoying themselves in the present," she said.

"In terms of short term goals , Australian 20-year-olds prioritise holidays and purchasing new household items."

"Mid-term goals focussed on purchasing an investment property and starting a family, while repaying debt, student loans and starting a business didn't get a look in" Sim said.

Expense

Percentage of monthly income

Male

Female

Housing and utilities

16%

22%

Food and drink

14%

15%

Clothing and footwear

7%

6%

Household furnishings and equipment

7%

5%

Householde services

9%

9%

Medical and personal care

6%

7%

Transport

9%

8%

Recreation and entertainment

8%

8%

Education, loan and charitable payments

8%

6%

Savings and investments

12%

12%

Other items

3%

2%

This includes the following categories: Housing and utilities / Food and drink / Clothing and footwear / Household furnishings and equipment / Household services / Medical and personal care / Transport / Recreation and entertainment / Other items
Goals that can be achieved in 0-12 months
Goals that can be achieved in 1-5 years

Spender vs Saver: Which state does it best?

  • The results showed Victorians in their 20s were Australia’s best savers. However, they are also the second biggest spenders on clothing and footwear, averaging $230 per month (not surprisingly given their reputation as the fashion capital).
  • Western Australians were revealed as the nation’s worst savers.
  • Queenslanders were the biggest spenders on food and drinks ($531 per month), compared with the rest of the country.

Media Inquiries: Ashleigh Paterson 07 3135 2562 or 0407 925 665

About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.

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