A staggering 73 per cent of millennials struggle to prioritise their financial wellbeing because thinking about money makes them ‘anxious’, new research commissioned by Commonwealth Bank has found.
Despite this, 70 per cent say being in control of finances makes them feel most accomplished. “The thing with habits is when we say, ‘tomorrow I'm going to start this new thing and I'm going to keep doing it’, the unfortunate news is that if we're just relying on that momentary motivation and intention, it's very unlikely to stick,” says CBA’s Head of Behavioural Economics, Will Mailer.
In a new podcast interview, Mr Mailer explains how and why human behaviour bucks economic logic, particularly in the current pandemic — and gives useful strategies to smarter money management.
Mr Mailer said if we want to better manage their finances, we can’t just say they are going to do it, we have to ensure we have the right environment and systems in place to do so.