Warning to young on saving habits
Three out of four young people believe it will be difficult to retire comfortably, research by CPA Australia shows. Nearly half of the youngest people surveyed believe that owning a home is unattainable. Seventy per cent of the total group saw saving as something to do in the future. The survey of 450 people from generations X (25 to 45 years) and Y (18 to 24) on saving and debt found one third of generation Xers had considered their futures and had savings of more than $50,000. But generation Yers continue to spend beyond their means and only 12 per cent have no debt. Forty per cent already had credit card or personal loan debt but not a home loan.