Which ‘money type’ are you? New research maps financial habits of young Australians - Southern Cross University
Archived: 2026-04-23 17:26
Which ‘money type’ are you? New research maps financial habits of young Australians - Southern Cross University
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Which ‘money type’ are you? New research maps financial habits of young Australians
Categories
University News
Business
Published
21 April 2026
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Under 35, navigating the cost-of-living and trying to get ahead? New research from Southern Cross University, QUT and Griffith University challenges the idea that financial literacy alone addresses this problem. Instead, three distinct ‘money behaviour types’ among young Australians are linked to different financial outcomes.
Take the quiz to find out your money type
In a study of 519 Australians aged 18–35 years, researchers found that young people cluster into three groups based on their real-world financial habits:
Financial Explorers
,
Habitual Savers
, and
The Disengaged
. The study focused on the pivotal transition into fulltime work; a moment when financial habits begin to solidify and compound over a lifetime.
Funded by the Financial Planning Education Council, the study analysed patterns of saving, investing, budgeting and use of modern financial tools such as buy-now-pay-later and investment apps among young adults within five years of entering the workforce.
The three distinct behavioural profiles identified:
Financial Explorers:
highly engaged with their finances. They budget, save, invest and are also more likely to use products such as buy-now-pay-later. They tend to be confident in their financial abilities – sometimes overly so.
Habitual Savers:
cautious and conscientious, prioritising traditional saving and avoiding debt and investing. They generally feel in control of their spending but may miss opportunities to build long-term wealth.
The Disengaged:
limited active financial planning, little budgeting or regular saving, yet still likely to take on debt or use buy-now-pay-later. This group is more likely to experience financial stress.
Lead author Dr Jennifer Harrison, Senior Lecturer in Accounting and Finance at Southern Cross University, said the findings have important implications for financial education, policy, and support services.
She emphasised the importance of meeting people where they are, not where we assume they should be, if we want financial education to work.
“One-size-fits-all financial literacy programs are unlikely to be effective. Young Australians are not a homogeneous group when it comes to money. They bring different habits, confidence levels, and social influences into their financial lives,” said Dr Harrison.
The researchers stressed the behavioural profiles aren’t a ranking system.
“There’s no perfect money type here. Each group does some things well and others less so,” said co-author Dr Steffen Westermann, a Financial Planning Lecturer at Griffith University.
Crucially, the research found ‘money type’ differences were not explained solely by financial literacy. Instead, social norms, perceived control over money, personality traits, and financial stress also played a significant role in shaping how young people behave with their finances.
Associate Professor Elisabeth Sinnewe from QUT’s School of Accountancy said: “Interestingly, the move into full-time work is not a complete financial reset. Socialisation and disposition tend to reinforce existing financial behaviours.
“Our research gives financial advisers, policymakers, and consumer advocates a real opportunity to meet young people where they are.”
Instead of treating all young people the same, the research suggests more tailored approaches could better support different groups. For example:
help
Financial Explorers
better assess risk and navigate information sources.
support
Habitual Savers
to build long-term wealth through appropriate investing.
provide
The Disengaged
with simple, low-effort tools and support to reduce financial stress and build basic habits.
The research has been published in
Pacific-Basin Finance Journal
and can be accessed here:
Unpacking financial (Dis)engagement of young adults transitioning into the workforce: An investigation of financial habit clusters - ScienceDirect
.
Take the quiz
To bring the findings to life, Southern Cross University has launched an interactive tool based on this research. While the study focused on young Australians, anyone can give it a go to see which ‘money type’ they most closely align with.
Find out your money type.
Media contact
content@scu.edu.au
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View all news
Which ‘money type’ are you? New research maps financial habits of young Australians
Categories
University News
Business
Published
21 April 2026
Share
Under 35, navigating the cost-of-living and trying to get ahead? New research from Southern Cross University, QUT and Griffith University challenges the idea that financial literacy alone addresses this problem. Instead, three distinct ‘money behaviour types’ among young Australians are linked to different financial outcomes.
Take the quiz to find out your money type
In a study of 519 Australians aged 18–35 years, researchers found that young people cluster into three groups based on their real-world financial habits:
Financial Explorers
,
Habitual Savers
, and
The Disengaged
. The study focused on the pivotal transition into fulltime work; a moment when financial habits begin to solidify and compound over a lifetime.
Funded by the Financial Planning Education Council, the study analysed patterns of saving, investing, budgeting and use of modern financial tools such as buy-now-pay-later and investment apps among young adults within five years of entering the workforce.
The three distinct behavioural profiles identified:
Financial Explorers:
highly engaged with their finances. They budget, save, invest and are also more likely to use products such as buy-now-pay-later. They tend to be confident in their financial abilities – sometimes overly so.
Habitual Savers:
cautious and conscientious, prioritising traditional saving and avoiding debt and investing. They generally feel in control of their spending but may miss opportunities to build long-term wealth.
The Disengaged:
limited active financial planning, little budgeting or regular saving, yet still likely to take on debt or use buy-now-pay-later. This group is more likely to experience financial stress.
Lead author Dr Jennifer Harrison, Senior Lecturer in Accounting and Finance at Southern Cross University, said the findings have important implications for financial education, policy, and support services.
She emphasised the importance of meeting people where they are, not where we assume they should be, if we want financial education to work.
“One-size-fits-all financial literacy programs are unlikely to be effective. Young Australians are not a homogeneous group when it comes to money. They bring different habits, confidence levels, and social influences into their financial lives,” said Dr Harrison.
The researchers stressed the behavioural profiles aren’t a ranking system.
“There’s no perfect money type here. Each group does some things well and others less so,” said co-author Dr Steffen Westermann, a Financial Planning Lecturer at Griffith University.
Crucially, the research found ‘money type’ differences were not explained solely by financial literacy. Instead, social norms, perceived control over money, personality traits, and financial stress also played a significant role in shaping how young people behave with their finances.
Associate Professor Elisabeth Sinnewe from QUT’s School of Accountancy said: “Interestingly, the move into full-time work is not a complete financial reset. Socialisation and disposition tend to reinforce existing financial behaviours.
“Our research gives financial advisers, policymakers, and consumer advocates a real opportunity to meet young people where they are.”
Instead of treating all young people the same, the research suggests more tailored approaches could better support different groups. For example:
help
Financial Explorers
better assess risk and navigate information sources.
support
Habitual Savers
to build long-term wealth through appropriate investing.
provide
The Disengaged
with simple, low-effort tools and support to reduce financial stress and build basic habits.
The research has been published in
Pacific-Basin Finance Journal
and can be accessed here:
Unpacking financial (Dis)engagement of young adults transitioning into the workforce: An investigation of financial habit clusters - ScienceDirect
.
Take the quiz
To bring the findings to life, Southern Cross University has launched an interactive tool based on this research. While the study focused on young Australians, anyone can give it a go to see which ‘money type’ they most closely align with.
Find out your money type.
Media contact
content@scu.edu.au
Enjoying this story? Subscribe to our newsletter for more
Subscribe to stay updated with the latest University news
Keep reading
All Media Releases
Health
The Conversation: Money’s tight but food prices are up. Here’s how to save on your grocery bill
Health
The Conversation: Is dark chocolate healthier than milk chocolate? Two dietitians explain
Rankings
Nursing receives global boost in new rankings for Southern Cross University
Partnerships
Why SMART goals might not be that smart
Health
7,000 Steps a Day: What the new 24‑Hour movement guidelines mean for your goals
Health
Emerging Aboriginal leaders call for greater Indigenous control over native foods
Health
The hidden cost of sitting still
Health
Preventing delirium: health partnerships to trial revolutionary carer toolkit
Health
Osteopathy students put in joint effort treating athletes at Lismore Samson Fitness Challenge
Health
The Conversation: Which nut butter is healthiest – peanut, almond or cashew?