Saving prioritised among Gen Y
Building up a decent savings pool has been listed at a top priority for young Australians, ahead of leisurely pursuits, according to a pre-budget TAL survey.
From a cohort of more than 1200, 100 per cent aged between 18 and 24 said they prioritised saving, compared to 95 per cent of generation Xers and baby boomers.
The next priority was spending money on leisure activities, which was listed as “very important” or “important for more than 80 per cent of respondents.
Life insurance for financial protection purposes was ranked high for 64 per cent of Gen X and Gen Y, but less than half of baby boomers (46 per cent).
“These results from our ongoing research into consumer financial behaviour suggest people acknowledge the reality of needing to create greater personal independency by identifying saving and financial protection in the top five of 12 priorities,” TAL CEO Jim Minto said.
“While doing this, they are clearly dreaming of and planning for the things they want to do while not working,” he said.
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