Young people prefer accounts to term deposits

A Sunsuper survey found that 68 per cent of Generation Y’s were more likely to put their money in a savings account rather than a term deposit.

Twenty-six per cent of Baby Boomers were likely to put their money into term deposits, and 15 per cent were likely to put their savings into shares.

Sunsuper general manager of customer experience Teifi Whatley surmised that Gen Y had less experience with term deposits and a greater need to access their money.

Source: Money Management