Weddings, holidays and houses. They’re the three biggest life events members of Gen Y are interested in saving for, according to a recent national poll conducted by REST industry super fund.
The online poll, which looked at the saving habits of 1006 young people aged 18-30, showed that of those Gen-Yers working full time, more were likely to save for a big life event, such as an overseas holiday or wedding, than they were for a house deposit.
The survey showed that saving for weddings, holidays and other big events took precedence over paying off existing mortgages and credit cards or saving for a new car and indicate that Gen Y are more interested in enjoying experiences than material goods.
“We are not surprised that many young people are more likely to save for a big holiday or wedding than a deposit for a house, given that these experiences are usually a priority at this stage in their life.” says REST Industry Super CEO Damian. “And while it appears that young people are good short-term savers, we have often encouraged our members to consider their long-term financial position and to seek financial advice.”
The national poll, which was conducted over a week in January this year, also found that about 62 per cent of Gen-Yers had experienced sleepless nights due to financial stress; that 66 per cent regularly put money away from their paychecks and that 61 per cent were never taught how to save money.
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“What we found was an alarming number of young Australians spending sleepless nights worrying about their financial position,” said REST CEO Damian Hill.
“Considering such a high percentage of the young people we surveyed have never received any financial advice, it’s not surprising that they have ongoing financial worries.”
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