Finance Marketing Summit: Stake CMO reveals behaviours of ‘financially ambitious Aussies’
Wilmot on stage at last week's Summit
The economic environment in Australia right now feels difficult and uncertain, and while the scales are tipped against consumers, they are still looking to progress financially. So what behaviours are consumers exhibiting in order to get ahead?
Speaking at the Mumbrella Finance Marketing Summit last Thursday, the chief marketing officer of Australian investment platform Stake, Bryan Wilmot, delved into the concept of financial ambition in an uncertain economy.
In a world that feels like it is holding consumers back, Wilmot shared what ambitious Aussies are doing to move closer towards their goals – often traditional ones such as buying a home or being financial stable enough to start a family.
“People are prioritising experiencing progress today,” he explained. “They’re cutting back on things like travel, more so than things like shares. Ambitious Australians are focusing on the things in their immediate control, in order to start getting ahead. They’re looking to reach those goals, but that’s obviously becoming increasingly difficult.”
He said, fundamentally, those with ambition are taking active, pragmatic ownership in their progress.
“They’re looking at the world and saying ‘things may not change’ and instead, are focusing on what they can control.”
According to Stake’s annual Ambitious Investors Report, the majority of under 45s (53%) are cutting back on travel, compared to only 32% who have reduced their allocation of shares.
43% are cutting back on clothing purchases, 36% are delaying investing or getting into their hobbies or interests, and 15% are delaying getting married, because they see it as a non-essential expense.
While the narrative of the older boomer generation versus the smashed avocado millennials continues, Wilmot said under 45s don’t actually begrudge that.
Wilmot on stage at last week’s Summit
“The younger generation actually just want to participate in the things that the older generation were able to, in order to grow their own wealth,” he explained.
“77% of under 45s said they would buy an investment property if they had the means, they would do what the older generation are doing. Overwhelmingly, 80% of them do not agree that buying a property just to rent it out is unethical. They’re basically saying the older generation is doing nothing wrong, they just want to participate too.”
The majority of under 45s agreed or strongly agreed that what a person owns is more important than how hard they work, and they’re increasingly thinking about asset ownership.
“They’re thinking ‘This is the new blueprint of what gets me ahead in this world’,” Wilmot continued.
Under 45s are starting to look towards the share market more, with 58% saying buying stocks is a more accessible way of building wealth and property.
According to the study, 67% of them are holding onto their shares, despite the cost-of-living increases and struggles across the board to meet basic needs.
“They’re not willing to go and sell those portfolios, they’re instead willing to make sacrifices because they know this is their avenue forward.”
To watch this session recording and more from the Mumbrella Finance Marketing Summit, head to Mumbrella Pro.
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