Financial Wellbeing
Map 1. Number of Boomtown residents that don’t have a credit card
1 in 3 Boomtown residents don’t own a credit card.
Trust in investments and managed funds
- Regional residents have similar perspectives and attitudes to metro residents when it comes to investing and their level of trust in funds managed by professionals:
- Agree/Strongly Agree - [I prefer to let professionals manage most of my investments] - Regional = 29% vs Metro = 32%
- Agree/Strongly Agree - [Professionally managed funds offer good value to investors like me] - Regional = 33% vs Metro = 34%
Personal Loans
- Demand for personal loans is strong in regional Australia, with regional residents 6% more likely than the general Australian population (14+) to be interested in personal loans for something they need.
Attitudes Towards Banks
Map 2. Percentage of Boomtown residents who agree they sense a big move away from major banks
Boomtown residents anticipate a move away from large well-known institutions towards banking alternatives. Almost half (47%) of Boomtown residents agree they sense a big move away from major banks.
Cost of Living (Gas, water, mortgage, education, and health insurance)
- Regional residents feel somewhat relaxed about the cost of gas, water, their mortgage, education and health insurance.
- Regional residents are 23% more likely than the general population to fall into ‘Not Concerned at all’ about gas costs.
- Regional residents are 25% more likely than the general population to fall into ‘Not Concerned at all’ about water costs.
- Regional residents are 16% more likely than the general population to fall into ‘Not Concerned at all’ about mortgage costs.
- Regional residents are 28% more likely than the general population to fall into ‘Not Concerned at all’ about health insurance costs.
- Regional residents are 12% more likely than the general population to fall into ‘Not Concerned at all’ about education costs.
Concerns around cost of living (Grocery)
- Interestingly, regional residents are somewhat concerned about the cost of groceries.
- Regional residents are not only conscious of pricing, but believe pricing is a factor which could potentially make them switch brands - something brands need to be aware of.
- Regional residents are 11% more likely than the general population to be ‘Very Concerned’ about grocery costs.
Sources:
GeoCMV, S05 2019, Boomtown Population vs. National Population
Nielsen CMV 2021 Survey 10, People Aged 14+
