Tuesday, November 5, 2013

Gen Y are better savers than Baby Boomers

GENERATION Y have come out on top when it comes to saving money, with better saving habits than generation X and baby boomers.
When it comes to saving a regular amount every month, Gen Y are the best at it, with 29 per cent saving regularly compared with 19 per cent of baby boomers, according to the RaboDirect annual Savings and Debt Barometer.

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.

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

Please click here to read the full article on Gen Y savings

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