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Millennials more debt-smart than portrayed

Published on 16/07/2018

ING Australia launches new personal loan for debt-savvy millennials

16 July 2018:  Research commissioned by ING suggests millennials are more serious about debt management than many think.

The release of the research, which coincides with the development of ING’s new Personal Loan, reveals millennials are a clued-up generation when it comes to bank fees and charges[1] and the least likely to have a credit card[2].

More than half (55%) of millennials thinking about taking out a personal loan said that being able to pay off a loan early was a key consideration. Plus 60% said it was important for them to be able to make additional repayments on a loan.[3]

The research also confirms (58%) of millennials that currently have a personal loan are making more than just the regular repayments that are required by their lender.4

ING’s head of retail banking, Melanie Evans comments on the myth busting research:

“This research tells us that millennials are taking a very considered approach to debt management.

“For larger purchases and outlays they’re really thinking about their funding options and sensibly looking at ways to pay off the debt as quickly as possible.”

ING Australia’s new Personal Loan comes with a competitive fixed annual interest rate of 8.99% p.a. (comparison rate 9.13% p.a.) 5, no ongoing monthly fees and no early repayment fees. The $100 establishment fee will be waived for customers with an active Orange Everyday account or those who choose to open an Orange Everyday account with their Personal Loan to receive loan funds.

The new ING Personal Loan is designed to help millennials pay off their loans as quickly as possible.

“We want to help our customers get ahead by encouraging them to pay off their loan sooner.  We certainly won’t be surprising them with fees for achieving this.”

To find out more or to apply for an ING personal loan go to ING.com.au.[4]

Ends

For more information please contact:

Notes to editors:

“Millennials” are defined in slightly different terms across the research cited.

About ING

ING changed the way Australians bank 18 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to home loans, transactional banking, superannuation and insurance.

ING has the highest Net Promoter Score of any Australian bank.

Australia’s most recommended bank.

Source: Nielsen Consumer & Media View Sep’17- Feb’18 (n = 11,469) when compared by customers of 15 other banks operating in Australia.

[1] Research undertaken by Galaxy YouGov on behalf of ING in January 2017. Over 1,000 Aussies took part in the survey

[2] Research was undertaken by RFI on behalf of ING in March 2017. Over 1,000 banked Australians were surveyed.

[3] Research was undertaken by RFI on behalf of ING in March 2017 with 500 prospective personal loan holders.

4 Research was undertaken by RFI on behalf of ING in March 2017. Over 400 millennials with a personal loan were surveyed.

 

5 The comparison rate for the ING Personal Loan is based on an unsecured loan of $30,000 over a loan term of 5 years.  WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

6 Information and interest rates are current as at the date of publication and are subject to change. All applications for credit are subject to ING’s credit approval criteria. Fees and charges apply. Any advice on in this message does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to an ING Personal Loan or Orange Everyday, you should read the Personal Loan Terms and Conditions and ING’s Credit Guide, and the Orange Everyday Terms and Conditions and the Orange Everyday Fees & Limits Schedule, available at ing.com.au. To view these documents you may need Adobe Acrobat. If you have a complaint, please call us on 133 464 at any time as we have procedures in place to help resolve any issues you may have. Products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.

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David Breen
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Public Relations Manager
0413 317 225

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