According to new research commissioned by CBA, 70 per cent of millennials are unsure what rewards exist as part of their private health insurance. Further, 75 per cent indicated that they would be more likely to achieve their health and fitness goals if they had the right financial motivations.
Dr Gina Cleo, Director of Habit Change Institute, said finding the motivation to achieve health goals can often be as easy as changing the level of down-time you give yourself in a busy week. A staggering 95 per cent of young Australians admitted they could do a better job of self-care, which is something that could easily be achieved by simply allocating time in the day to create healthier habits.
“This generation of Australians are known for their hard work ethic and busy daily schedule, so it’s important to form habits that provide a healthy break from the grind. Once we begin to set aside time in our day for things such as a short walk or home cooking, we begin to prioritise self-care and allow time to rejuvenate and motivate ourselves to stay on track and achieve our goals,” Dr Cleo said.
The research also looked at how important it is for millennials to prioritise small acts of self-care, and found 90 per cent believe little indulgences can be more important than long term saving goals. Most of the millennials surveyed said they work hard and should be rewarded for their efforts, and buying small treats makes them happy.
Detailed findings of the population of millennials surveyed:
● 70 per cent of millennials with private health insurance are unsure what rewards exist as part of their private health insurance or how to find out about them.
● Millennials most commonly feel satisfied (58 per cent), happy (55 per cent) and excited (39 per cent) when they get to redeem the rewards they’ve earned.
● Almost nine in ten millennials set New Year’s resolutions in relation to their health, with 75 per cent stating that receiving financial rewards would help them to stay motivated and achieve their health goals.
● Millennials in WA ($591) and VIC ($586) have a higher average monthly spend on less essential items than those in NSW ($567), QLD ($509) and SA ($449).
● 95 per cent of millennials said they could do a better job of managing their self-care, with 45 per cent indicating that more money to spend on self-care would help them in this regard.
● 90 per cent of millennials believe small indulgences can be more important than long term saving goals - the main reasons being: they need to enjoy themselves; buying small treats makes them happy; and they work hard and deserve rewards for their efforts.
● 82 per cent of millennials said they would like to know how they can be financially savvy and get the most out of their money.
Notes for Editors
This study was conducted online by YouGov Galaxy during December 2020 and January 2021 using a sample of 1,023 Australian millennials aged between 25-39 years across Australia. Age, gender and region quotas were applied to the sample. Results were post-weighted by age, gender and region to reflect the latest ABS population estimates.
Dr. Gina Cleo is one of Australia’s leading experts in habit change and has dedicated her career to helping people understand their habits and how small consistent steps can lead to long term impacts on an individual’s health and wellbeing. She has a PhD in habit change, specialising in sustainable health and well-being, and is a Senior Postdoctoral Research Fellow at Bond University. She also holds a Bachelor in Health Sciences with a double major in Biomedical & Sport Science and a Masters of Nutrition and Dietetics.