It’s no secret that money plays a huge role in how we feel day-to-day. P&N Group’s More than Money research, conducted by Painted Dog Research, revealed 84% of Gen Z and Millennial Australians believe their wellbeing has been impacted due to money concerns and the ongoing cost-of-living pressures.
Money worries are showing up in everyday life. Three in ten say these pressures impact their sleep, concentration, and decision-making, while two in five have cut back on essentials like groceries, transport, or healthcare. Many have delayed social outings, medical visits, or even taking time off to rest, all in the name of staying afloat.
Despite this, the research highlighted a sense of hope, quiet resilience, and desire for change.
Financial knowledge = emotional wellbeing
One thing was clear in the research — a strong link between money confidence and mental wellbeing. However, 81% of respondents believe improving their financial knowledge would also boost their mental wellbeing.
It’s an encouraging reminder that confidence comes from understanding. When you understand how to manage debt, grow savings, or make your money work harder, financial decisions start to feel less like stress points and more like progress markers.
Shifting values and a new kind of freedom
Interestingly, the report also revealed a mindset shift. Many younger Australians now value financial freedom over traditional milestones like marriage or home ownership.
Most young Australians define “financial freedom” as being free from stress, able to cover expenses, and still enjoy life, not endless growth or luxury. Three-quarters say the old belief that “anyone can make it if they try hard enough” no longer fits today’s reality.
This indicates the generation finding healthier, more balanced definitions of success. It also highlighted social media, for all its pressures, has helped normalise open conversations about saving, investing, and budgeting.
Taking small steps forward
Even in a tough cost-of-living environment, one in two respondents said they regularly review their spending, and almost half are setting personal money goals. These small, consistent actions — checking in on your budget, comparing providers, and setting up automatic transfers, add up over time.
Looking Ahead with Confidence
Across all ages, Australians are showing that financial wellbeing is a journey, one shaped by adaptability, shared learning, and a willingness to talk openly about money. You don’t have to have it all figured out to start, and you don’t have to do it alone.
We believe confidence comes from connection: learning from each other, using the right tools, and taking small, steady steps. When we understand our money, we don’t just improve our finances, we improve our peace of mind.
Explore some of our tools and accounts that can help you achieve financial wellbeing:
Based on insights from the P&N Group Financial Wellbeing Research (2025)