Millennials riskiest for credit default
Millennials are the most financially risky generation, with 18 per cent at risk of credit default in the next year, according to Veda.
The data analytics firm found Gen Xers who are credit active were the next riskiest of credit default at 13 per cent, followed by Baby Boomers at 6 per cent.
Veda spokesperson, Belinda Diprose, said Millennials were most at risk as they are more likely to seek credit in the future for "big ticket items", such as a home, car or significant household purchases.
Residents in Queensland and the Northern Territory were found to carry the highest proportion of residents at risk of default in the next year.
However, the data found that Gen Xers were the worst at paying bills on time (61 per cent), followed by Millennials (63 per cent), Baby Boomers (75 per cent), and the Silent generation (84 per cent).
Gen Xers also took the top rank with 18 per cent overspending to "live in the moment", followed by Millennials (16 per cent), Baby Boomers (17 per cent), and the Silent generation (0 per cent).
With the genders, 52 per cent of women were ambitious and focused on achieving their financial goals, compared to 47 per cent of men.
The survey also found 24 per cent of men said they overspend because they work hard and earn plenty, so deserve a good life, compared to 13 per cent of women.
Veda's survey found 66 per cent of people would check their credit score if they knew they could use it to get a better deal with lenders.
However, while 92 per cent of those surveyed were aware they have a credit record, 38 per cent did not know how to access it.
Recommended for you
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
