Interesting statistics on Gen Y and money

Recently Veda Advantage and Habbo Research of Australia did a survey on Generation Y and saving money.

As Savings Guide was recently interviewed for a segment on Gen Y and their money habits for A Current Affair, we thought you might find it interesting to know a few of the stats to back up what we were talking about.

So, whether you are part of Gen Y or a parent trying to understand your own Gen Y offspring, here are the outcomes of the research.

So what do Gen Y do with their money?

For 12-18 year olds, technology and gadgets were at the top of the list with 35% of people interviewed saying they would spend their savings on tech.

This was followed closely by saving for a car (32%) and the close third of saving money for fashion and clothing (21%).

Only 19% said they were saving for a house, surprising considering many Gen Y’s interviewed recently for A Current Affair and other shows had a house purchase at the top of their to do list.

Maybe this was just a short term stimuls due to the first home buyers grant hype?

Savings accounts for kids, teens and young adults

Most people surveyed had some form of savings account, though this was largely used for specific items they were saving for, e.g. the purchase of a TV or the like.

Another interesting figure was that 27% of people surveyed said they had an account that their parents regularly contributed money to. Wish my parents did that for me!

If you are Gen Y, would you agree with the above as being you?

We would be interested to hear if the results correlate with you at all!

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