Many young Australians choose expensive hobbies over insurance

Many young Australians have a hobby they are passionate about – and 59% will not give up their hobby even if it becomes expensive, according to Allianz’s latest research.

The report found that 2.3 million young Australians dedicate at least one hour daily (38%) to their hobbies, ranging from exercises like hiking, yoga, and the gym (57%) to books (48%), gaming (42%), and makeup (31%).

Despite the daily commitment and including hobbies into the budget (76%), nearly half of Australians were unsure how much money they had spent on their hobbies over the last year (45%) or how much the items making up their hobbies were worth (53%), with nearly one eighth having an estimated value of over $5,000 (11%).

Young Aussies choose expensive hobbies over insurance

Allianz claims and policyholder data revealed that Australians aged under 26 have an average claims cost of $3,700. Just under half of the respondents admitted to not having insurance (44%) or being unaware of what was covered under their policy if they did have one (41%).

“The hobbies that young Australians engage in have a direct link to identity exploration and self-expression, are a great way to learn new skills, and an effective way to manage stress,” said clinical psychologist Jaimie Bloch.

“This connection and relationship extend to the items that are integral to their hobbies and should they become lost, stolen, or damaged, this can cause significant emotional distress. Understanding the collective value of your hobby is a great first step to ensuring they are sufficiently protected, and you have peace of mind.”