Young people are saving more than ever

More than half of Gen Ys surveyed for the 2012 Bankwest Financial Fitness Index said they had become more thrifty, with the number of respondents deemed “financially fit” doubling in the past 12 months.

“Generation Y is the least burdened with long-term debt, such as a mortgage, so they have the most leg room to change their immediate habits,” said Bankwest Retail chief executive Vittoria Shortt.

The nationwide survey of 1000 people found that one in four Australians are financially “fit”, with regular savings, a range of insurance, little debt and low housing costs.

However, an almost equal number are financially “unfit”, relying too much on debt, paying more than they can afford on housing and having little or no savings.

Source: Adelaide Advertiser