NEO-Millennials provide hope to health funds

Original article by Roy Morgan
Market Research Update – Page: Online : 8-Jul-20

New private health insurance data from Roy Morgan shows that just 44 per cent of Australians had hospital cover at the end of March, the lowest since 2007. With a focus on Millennials, the data shows that 42% of Millennials pay for hospital cover. This rises to 57% in the case of new economic order (NEO) Millennials, compared with just 27% of traditional Millennials. NEO-Millennials spend more, are highly educated and early adopters of technology. In total, 91% of NEO-Millennials have some kind of insurance, compared to just 76% of traditional Millennials. Conversely, traditional Millennials – who give younger Australians a bad name in health insurance – are less educated, unable or unwilling to spend, and technology laggards. These findings are from the Roy Morgan Single Source survey, derived from in-depth interviews with over 1,000 Australians each week and around 50,000 Australians per year.


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