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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ROY MORGAN LIMITED

We have got it all wrong on Millennials

Original article by Laura Demasi
The Age – Page: Online : 26-Jul-18

Immigration has impacted on the makeup of Australia’s Millennials unlike any generation in the past, according to research by Roy Morgan. The number of Millennials born in Asia is a particular influence on it. Thirty-one per cent of Millennials living in Sydney or Melbourne were born in Asia, compared to just three per cent of pre-Boomers. Asian-born Millennials tend to be much more conservative in their views than Australian-born Millennials; they are more likely to be married, more likely to have a degree and more likely to vote for the Liberal Party.

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ROY MORGAN LIMITED, LIBERAL PARTY OF AUSTRALIA

Millennials and Gen Z greatest growth potential for general insurance

Original article by Roy Morgan
Market Research Update – Page: Online : 17-May-18

A Roy Morgan Single Source survey has found that 40.9% of Generation Z and 79.9% of Millennials had any type of general insurance in the year to March 2018. This compares with Baby Boomers (93.0%), Pre-Boomers (91.3%) and Gen X (90.6%). These older age groups are close to saturation with general insurance, leaving the major future growth potential with Millennials and Gen Z. The survey also shows that Gen X currently accounts for 29.5% of the value of the annual domestic general insurance premium market, followed by Baby Boomers with 28.1%. These two generations combined account for 57.6% of the current total estimated annual premium value of $23.3b for this market. Although Millennials account for 23.1% of the total premium value, their general insurance penetration of only 79.9% leaves a large market opportunity as their needs grow over the next decade. Gen Z currently accounts for only 7.4% of market value but with an overall general insurance penetration of only 40.9% there is a great growth opportunity in coming years.

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ROY MORGAN LIMITED

Millennials more than double their share of superannuation funds over the decade

Original article by
Market Research Update – Page: Online : 6-Nov-17

A Roy Morgan Single Source survey has found that Millennials’ share of superannuation fund balances has more than doubled between September 2007 (6.4%) and September 2017 (14.6%). All three younger generations recorded gains in superannuation market share over the past 10 years. Meanwhile, for the six months to September 2017, satisfaction with the financial performance of industry funds was 58.5%, compared to retail funds on 56.9%. Retail funds increased their satisfaction rating by 0.7% over the last year, while the satisfaction rating for industry funds fell by 1.4%.

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ROY MORGAN RESEARCH LIMITED

Millennials driving growth in private health insurance with over one million increase since 2008

Original article by Roy Morgan Research
Market Research Update – Page: Online : 10-Aug-17

A Roy Morgan Single Source survey has found that since 2008, there has been an increase of 1.1 million millennials with private health insurance, which accounts for 49.6% of the overall market growth. Millennials now account for 24.5% of the private health insurance market, compared with only 16.3% in 2008. Millennials’ share of the market was well below that of pre-boomers, baby boomers and generation X in 2008, but as a result of their rapid growth, they are now close to being the most significant generation in this market. Although 43.6% of millennials overall now have private health insurance, this varies considerably by income. In terms of personal income, 32.4% of millennials with an income of less than $50,000pa have private health insurance, but this increases to 71.1% among those with incomes of $100,000pa or more.

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ROY MORGAN RESEARCH LIMITED

Millennials ‘happy to pay more’ for super

Original article by Alice Uribe
The Australian Financial Review – Page: 17 : 13-Jul-17

Association of Superannuation Funds of Australia CEO Martin Fahey says a super fund’s brand seems to be a higher priority for the Millennial generation than the fees they pay. Newer funds such as Spaceship and Grow Super have been popular with younger Australians, despite having fees that are higher than average. Fahey rejects suggestions that younger people are easily taken in by marketing hype, arguing that they are in fact "very sophisticated" consumers.

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, SPACESHIP FINANCIAL SERVICES PTY LTD, GROW SUPER, AUSTRALIAN BUREAU OF STATISTICS, ZUPER, MOBI SUPER, TYRO PAYMENTS, TIDSWELL FINANCIAL SERVICES LIMITED, RICE WARNER ACTUARIES PTY LTD, ATLASSIAN CORPORATION PLC

Same same but different: the holiday habits of Millennials

Original article by Roy Morgan Research
Market Research Update – Page: Online : 8-Jul-16

A Roy Morgan Single Source survey has found that between April 2015 and March 2016, 69 per cent of Millennials (aged 18-34) reported taking at least one holiday in the preceding 12 months, compared with 70.7 per cent of Australians aged 35+. The survey also shows that 16.4 per cent of Millennials took their last holiday overseas, compared with just 12.6 per cent of non-Millennial. Meanwhile, 56.3 per cent of non-Millennials took their last holiday within Australia, compared with 51.2 per cent of Millennials.

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ROY MORGAN RESEARCH LIMITED