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.
“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.”