Aussie teens keen to save money and pay down debt: survey
New research has found Aussie teens (aged between 12-18) are more financially responsible than their Gen Y counterparts (aged 19-30) when it comes to saving and paying down debt.
The joint research released today by Veda Advantage and Habbo, found that Generation Z (aged between 12-18) have strong convictions about paying bills on time and ‘do not like owing people money at all’, while members of Generation Y aremore focused on spending and credit cards.
Teen researcher Habbo’s online study of almost 2000 teenagers aged between 12 and 18 revealed that Australian teenagers were responsible savers with more than half (54 percent) of respondents revealing they use their bank accounts for saving, rather than for general spending. Of those teens saving for something specific, tech gadgets (35 percent) and a car (32 percent) were priorities, before clothes (21 percent), education (21 percent) a house (19 percent) and travel (18 percent).
In comparison, Veda Advantage research indicates the traditional financial attitude and behaviour of Generation Y is more focused on spending that is financed via credit rather than savings. The research indicates Generation Y is responsible for more than one-third (37 percent) of Australian’s total consumer credit defaults, despite only constituting 20 percent of the entire credit active population.
Jeff Brookes, Regional Director Asia Pacific of Habbo said although Generation Z is beginning to spend and consider purchasing major items, the results of the Veda Advantage and Habbo Research suggest teenagers have good intentions to pay their bills on time.
“Previous Habbo Research has identified that Generation Z is more grounded and traditional in their value system than Generation Y. Again we see evidence of this through the financial survey – as teenagers have strong establishment goals of car and home ownership and investing in their education versus spending money on travel which was more popular amongst Generation Y. Australian teens are considering their financial future and putting their quality of life ahead of immediate materialistic goals.
New research has found Aussie teens (aged between 12-18) are more financially responsible than their Gen Y counterparts (aged 19-30) when it comes to saving and paying down debt.
The joint research released today by Veda Advantage and Habbo, found that Generation Z (aged between 12-18) have strong convictions about paying bills on time and ‘do not like owing people money at all’, while members of Generation Y are more focused on spending and credit cards.
Teen researcher Habbo’s online study of almost 2000 teenagers aged between 12 and 18 revealed that Australian teenagers were responsible savers with more than half (54 percent) of respondents revealing they use their bank accounts for saving, rather than for general spending. Of those teens saving for something specific, tech gadgets (35 percent) and a car (32 percent) were priorities, before clothes (21 percent), education (21 percent) a house (19 percent) and travel (18 percent).
In comparison, Veda Advantage research indicates the traditional financial attitude and behaviour of Generation Y is more focused on spending that is financed via credit rather than savings. The research indicates Generation Y is responsible for more than one-third (37 percent) of Australian’s total consumer credit defaults, despite only constituting 20 percent of the entire credit active population.
Jeff Brookes, regional director Asia Pacific of Habbo said although Generation Z is beginning to spend and consider purchasing major items, the results of the Veda Advantage and Habbo Research suggest teenagers have good intentions to pay their bills on time.
“Previous Habbo Research has identified that Generation Z is more grounded and traditional in their value system than Generation Y…Australian teens are considering their financial future and putting their quality of life ahead of immediate materialistic goals.”
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