Young people love debit cards

Generation Y, born between 1979 and 1991, is driving our national credit card debt down, even outdoing their parents with financial wisdom.

The average Australian credit card balance fell by 2.3% in the year to November. The average balance is now $3262.60. Financial experts attributed the national pay down to Gen Y, who are leading the shift from credit to debit card transactions.

According to a RaboDirect's 2012 study, 84% of Gen Y – routinely labelled as self-entitled slackers – sought financial advice compared to the 76% average.

Source: Northern Star