Coronavirus Australia: Millennials hit hard by virus but won’t curb lavish lifestyle in front of friends

A survey has found a disturbing new trend among millennials – despite being hit hard by the pandemic, they won’t curb their lavish lifestyle in front of friends.

A survey has found a disturbing trend among millennials – they’ve been hit hard financially by COVID-19 but are too embarrassed to admit it.

As to be expected, like most Australians, many millennials have lost their jobs because of the coronavirus pandemic.

But what is unexpected is their reaction.

New research by Australian fintech company Groupee found that out of 1000 millennial survey participants, more than a third are too ashamed to curb their lavish lifestyle in front of friends from fear of losing face.

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Queues at Centrelink at Bankstown in western Sydney in March, when a lot of Aussies lost their jobs. John Feder/The Australian

Groupee revealed that 38 per cent of their survey participants, aged between 23-38 years old, were too embarrassed to let their friends know money is tight.

The survey also found that 46 per cent of millennials have been very severely affected by COVID-19 in terms of their finances.

Hamish McPhie is one such millennial. At 24, he was living his best life, going out with friends all the time in Sydney, working full-time at a cafe and also studying at university.

But with the arrival of COVID, his plans had to take a sudden halt.

“I had to move back to Armidale and I’ve been living with my parents for three or four months ever since,” he told news.com.au.

He admitted that “there was definitely a little bit of shame” when it came to moving back in with his parents.

“I think it was a difficult challenge mentally to overcome that hurdle, being independent and being 24 years old and then turning around and moving back in with your parents,” he said.

According to Mr McPhie, it was “damaging to the ego”.

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Hamish McPhie had to move back in with his parents when the pandemic hit.

“This research is a huge wake-up call for millennials around Australia, and for people who are their friends,” Jarred Baker, founder and CEO of Groupee, said.

At 32, Mr Baker himself is a millennial and understands the unique problems that the generation faces.

“We were expecting millennials to be affected – but not by this much,” he told news.com.au.

“For a generation already facing high levels of mental health issues, it’s concerning that COVID has put a new blanket of anxiety on millennials. Almost half of millennials are too proud to tell their friends they are in financial hardship.

“Millennials are often criticised for living beyond their means as they chase the perfect life and share it on social media, but with 46 per cent now financially disadvantaged, the veneer of wealth and social status is starting to crumble down for many.”

Jarred Baker knew millennials were struggling so made an app to help them.

Mr Baker has created an app designed to help millennials with their financial hardship.

His app, Groupee, makes splitting a bill easy, to ensure that millennials down on their luck only have to pay for themselves.

After living with his parents for a few months, Mr McPhie has got his financial situation back on track now.

“I’m currently moving into a new apartment and I’m back at work thankfully,” he said.

He has also since come clean with friends about his difficult financial situation.

“I’ve been saying (to friends), ‘I‘m not in a position where I can go on a night out. Why don’t we do something simple instead?’ I’ve been doing a lot of movie nights, going round to friend’s houses and doing cooking with friends,” Mr McPhie said.

“We need to start a conversation about (how) it’s OK and acceptable to be going through these circumstances.

“It would have been comforting to know you’re not the only one going through this. It’s time to start a dialogue.”