Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Younger generations face major money hurdles

Younger generations face major money hurdles

A new survey has revealed that when it comes to achieving key life milestones, Gen X and Gen Y are experiencing more financial difficulty than older generations.

The survey, conducted by bank lender ME, used a panel of 1,000 Australian adults and found that younger generations indicated greater financial difficulty than older generations across 9 out of 10 milestones.

According to the survey, younger generations nominated ‘starting their own business’, ‘buying their first home’ and ‘raising a family’ as their top challenges, while older generations nominated ‘having money left over for holidays and luxuries’, ‘starting their own business,’ and ‘making ends meet’ as their top challenges.

Advertisement
Advertisement

The survey also found that women are facing greater financial difficulty than men, with 73 per cent of women indicating that they found in difficult to start their own business (11 percentage points higher than men).

Compared to 53 per cent of men, 63 per cent of women said that earning a decent income was difficult.

Nic Emery, head of deposits and transactional banking at ME, commented that the survey’s findings support the arguments that younger generations are struggling compared to their older compatriots.

“As a bank we see firsthand how hard it is for younger people, particularly for Gen Ys buying a first home, when average house prices are seven times the average income today compared to three times 30 years ago,” Mr Emery remarked.

“With greater financial challenges, it’s more important than ever for younger Australians to have solid money management skills,” he said.

[Related: Financial comfort gap widens between young and old]

Younger generations face major money hurdles
mortgagebusiness

 

Latest News

ASIC has defended the utility of its responsible lending guidance amid court rulings that have called into question current compliance prac...

Super fund-owned bank ME has reported a 7.3 per cent growth in its loan book but continues to see net interest margin hit by “intense comp...

The corporate watchdog has reportedly expressed support for a new inquiry into competition in the financial services sector. ...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.