Lazy. Entitled. Self-absorbed. No work ethic.
These are a few common phrases you may hear thrown around about the devil generation Generation Y.
Amongst the stereotypes, is the sentiment that Gen Y are absolutely terrible at saving money.
BUT ALAS! Hold onto your flat brim caps, kids. A new study has shown that Generation Y (the generation born roughly between the early 80s and the late 90s) has are leading the way when it comes to saving money.
Yes. Gen Ys are better at saving money than their parents.
According to the 2013 National Savings and Debt Barometer survey by RaboDirect, 29 per cent of Gen Y save a ‘regular’ amount each month, compared to only 19 per cent of Baby Boomers and 25 per cent of Gen X.
This from SmartCompany:
The founder of Wealth Enhancers, Sarah Riegelhuth, 32, told SmartCompany Gen Y is becoming savvier at saving.
“From the GFC… Gen Y realised the heyday of investments was over. We came through high school and into university and at that time the GFC shocked everyone into line,” she says.
“In the past four to five years they’ve started to save. However, what we’re seeing is they’re not taking the next step to invest.”
So there you have it. Looks buying cask wine and mi goreng for dinner is working out well for the twenty-somethings of today.
And let’s just pretend the whole living-at-home thing has nothing to do with it. K?
What do you think? Do you think the year you were born has anything to do with whether or not you’ve a good saver? What are you saving/spending habits like?
Want more on this topic?
Hey Gen X, stop telling Gen Y we are precocious arseholes. Thanks.
“I take selfies, I own an iPad and I’m sick of everyone bashing Gen Y.”
Top Comments
I dont live at home (haven't for over 6 years), have a MORTGAGE, am gen y (obvs) and just took 7 months off work to travel. Only requiring a small loan to cover my mortgage while i am gone (and the payments while not working), the rest of the holiday paid for with savings. Oh, and i've only been working 4 years. It can be done. I think saving brings freedom. There is so much talk about work life balance, and to me that means being able to jump off the work treadmill for a while if necessary. Glad to hear i am not alone - having savings is very liberating. Well it was, now i'm home i need to start that all again! So glad i still have the investment of my house though
What a poorly written article! With this offensive, judgemental tone you've lost me as a reader for good. Gen Y is no different to any other generation - full of hard working people just getting through life. I'm sick of hearing older people pretend that they did everything perfectly and young people are making bad choices. I could rant and rave about my own choices and what great decisions I've made and how successful I am at 24 but it doesn't matter because we all just do our best with the cards that are thrown at us.