Among those who save nothing at all - or even spend more than they earn - 24 per cent were baby boomers, compared with 11 per cent of Gen Ys.
"People often give Gen Y a bad rap when it comes to finances but we've been running this survey since 2009 and Gen Y tend to be a lot more savvy than people give them credit for," RaboDirect Australia executive general manager Greg McAweeney said.
THE SAVING HABITS OF AUSTRALIANS
24 per cent are able to save regular amounts each month
31 per cent manage to save some money each month
21 per cent put money away when they have money to spare
6 per cent focus on saving for one thing
13 per cent don't save anything but don't spend more than they earn
5 per cent are unable to save anything and spend more than they earn
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