Gen Y most financially stressed
Despite improving wealth, Generation Y is the most likely to suffer from financial stress, according to a study.
While Gen Ys are more likely to claim they are better off financially than last year, compared to Baby Boomers and Generation X, they are also the most likely to worry about money, a RaboDirect barometer shows.
Almost half (47 per cent) of Gen Ys said they had financial doubt, compared to 35 per cent of the remaining cohort.
"Young people face challenges that are unique to their generation. Housing has arguably never been more unaffordable, even with historically low interest rates, house price growth is pitted against slowing earnings growth," Greg McAweeney, Executive General Manager from RaboDirect said.
However, Gen Y was also the only generation to report an increase in impulsive purchases, with more than half (55 per cent) citing beauty treatments and visiting a hairdresser as "essential to their wellbeing".
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
