HomeView 2016 Media ReleasesMillennials set to ‘take charge’ of their financial future

A new report released today encourages millennials to ‘take charge’ of their finances, with research indicating the impact their credit history can have on their future.

A new report released today encourages millennials to ‘take charge’ of their finances, with research indicating the impact their credit history can have on their future.

The COBA commissioned report by Good Shepherd Microfinance, TAKE CHARGE: CREDIT REPORTING and millennials includes polling that shows millennials are prepared to change when given the facts on how financial data can affect them.

“The report reveals some valuable insights and attitudes from younger Australians to their credit history and on managing expenses,” COBA CEO Mark Degotardi said.

“Research indicates that for younger Australians comprehensive credit reporting wasn’t a burning issue but once they learnt more, they saw the benefits of this system and in many cases resolved to make positive changes.”

Australia’s credit reporting framework has recently undergone a fundamental shift away from a negative only reporting system to comprehensive credit reporting (CCR).

Under the changes, lenders can report additional information about borrowers including repayment history (i.e. whether a borrower has paid all credit obligations in a given month, including whether payment was on time, late or missed).

Polling of 18-34 years olds to accompany this report found that:

  • 64% had not heard of or didn’t understand the term ‘credit report’ and 73% were not aware of the CCR changes;
  • 72% liked the idea of getting a better deal because of a positive score;
  • More than half were worried by missing out on a good deal if they had a bad credit report;
  • 58% wanted to learn more about CCR and find out their credit score;
  • Around half said they were going to make more effort because they could see the importance of their credit file in the future.

“With a focus on the customer and community, we believe customer owned banking is well placed to partner with millennials in large numbers and help them meet their changing needs in the future, including home ownership,” Mr Degotardi said.

Media Release161.45 KB

Good Shepherd Microfinance Report982.38 KB

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

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