Hunter residents report stronger financial skills than metro neighbours

Wednesday, 12 February 2025

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Hunter residents have the edge over their metropolitan neighbours, with higher levels of financial confidence and stronger financial planning skills, research released by NGM Group and the University of Newcastle’s Institute for Regional Futures shows.

The research, which looked at the attitudes, behaviours, and savings balances of Australians across metropolitan and regional areas to shed light on how people are managing their finances and futures, found that more than 60 per cent of Hunter residents reported feeling confident when it comes to managing their money.

The surveyed Hunter residents showed their financial future is front of mind, with only 20 per cent of locals saying they live for today financially without thinking about tomorrow, while in comparison that number sits higher at nearly 40 per cent in Sydney.

Highlights

  • Three in five locals are confident managing their money
  • Almost 80 per cent of Hunter residents believe it is important to have a long-term financial plan
  • Around 50 per cent of locals said they are optimistic they can improve their financial situation, while in Sydney that number was higher at 60 per cent.
  • One-in-five locals say they are too busy to manage their finances
  • Only 20 per cent of Hunter residents say they like to live for today without planning for tomorrow, while in Sydney that number sits closer to 40 per cent

Professor Kate SeniorInterim Director of the University of Newcastle’s Institute for Regional Futures, Professor Kate Senior, said the research provided valuable insights into how Australians were weathering the rising cost-of-living.

“We’ve taken a deep dive into the financial behaviours and perceptions of not only our local regions, but also cities and regions across the nation. What we’ve found overall is that people in regional Australia have greater financial confidence than their city counterparts,” Professor Senior said.

“This type of research is vital to be able to understand the different realities faced by regional and metropolitan communities, rather than relying on broad assumptions.

“Developing a nuanced understanding of the challenges and attitudes of Australians makes sure that these communities have a voice and are not left behind in the larger national conversation.”

NGM Group Chief Customer and Digital Innovation Officer James Cudmore said the research found the Hunter was in an enviable position

“Despite a tougher economic climate, we know owning your own home is still a really important goal for many Australians, not only for the financial security this brings them personally but also because home ownership is linked to greater financial confidence generally,” Mr Cudmore said.

“Our research found that property owners reported feeling more confident about their current and future financial situations, which when combined with higher levels of home ownership in our regions, paints a really positive picture of the opportunities in regional Australia.

“What that means for us, is that we need to continue to work hard to understand our customers’ individual circumstances to determine a sustainable pathway to home ownership for them; supporting them to build greater financial confidence along the way.

“We want to empower more Australians to plan and save for their future, and hopefully helping them into their own home, and then to pay those homes off sooner.”

The report found that while communities in regional Australia demonstrate financial confidence and a level of security, economic uncertainties, rising living costs, and shifting employment patterns mean there are key population cohorts, such as young people and renters, who are reporting higher levels of financial stress and lower confidence in managing their money.

“Education is the key to improving financial behaviours, so, as an industry we need to look at how we can best support our communities to improve financial literacy and confidence,” Mr Cudmore said.

“This is something we deliver through our Greater Bank Finance Academy, which we created in partnership with University of Newcastle.

“Our program is designed to familiarise high school students with practical finance skills like budgeting, saving, credit and debt. Our academy may be the first time some students are introduced to these topics so tailoring the program to be relevant and approachable is essential.

“Saving for a car or earning money from a part-time job are often front of mind among students, and learning about money in a practical way will help them put their best foot forward for the future with the tools to be financially independent, secure and confident.”

The University of Newcastle’s Institute for Regional Futures plays a critical role in delivering research with industry, community and government partners to tackle issues like the transformation of its regions and the need for strong, resilient communities.

Money Matters: The financial behaviours and perceptions of regional and metropolitan Australians is delivered by NGM Group, and its retail brands Newcastle Permanent and Greater Bank, in partnership with the University of Newcastle’s Institute for Regional Futures.

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