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| Young consumers pledge wallet tightening |
   
Posted Date: 27/09/2011
By Inside Retail
Over half of young Australians are planning to save more in the next six months, with Gen Y’s (18 to 29 years-old) showing a greater ambition to increase savings than any other age group.
That's the key finding of the latest MasterCard survey on Consumer Purchasing priorities – Money Management.
But the desire and ability to increase savings seemingly dissipates with age, with only 28 per cent of those aged 45-years-old and above planning to increase their savings in the next six months.
Despite the intent to increase savings, many Australians managing day to day finances isn’t as easy as many would like, with one quarter (25 per cent) of finding it a challenge to keep track of bills and 33 per cent having experiencing limitations in their ability to set money aside for large purchases.
The inaugural annual research, which canvassed 647 Australians, highlights that there is still plenty of work to be done to ensure that good money management skills take firm root across the community. This Index and the accompanying reports are not based on MasterCard volumes or transactional data.
MasterCard Australia country manager, Andrew Cartwright said: “Younger generations have experienced financial uncertainty for the first time in their lives through the GFC and have come to recognise the benefits of saving a greater percentage of their income.”
However, a greater appetite for saving hasn’t translated to a disinterest in overall spending for Gen Ys. Three quarters (74 per cent) said their intention to save more was so they can buy bigger ticket items.
Indeed larger discretionary purchases are now a substantial motivation for saving. Almost half of young Aussies are planning to put more money away for a holiday (42 per cent), and a further third plan to save more of their income to purchase larger electronics and whitegoods (32 per cent).
This newfound inclination for saving suggests that many Gen Y’s are have become more consciously selective in their purchasing habits rather than losing their appetite for spending, Cartwright said.
The full report is online at: www.masterintelligence.com |
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