Business

GFC has Gen Y saving

The Loan Market poll which asked "Did the GFC fundamentally change your approach to finances?" found Gen Y respondents were the most savings conscious, with 44% saying they were now focussed on creating a savings buffer.
The Loan Market poll which asked "Did the GFC fundamentally change your approach to finances?" found Gen Y respondents were the most savings conscious, with 44% saying they were now focussed on creating a savings buffer. Barry Leddicoat

TWEED and southern Gold Coast residents who form part of Generation Y, young workers generally aged between 20 and 30, are leading the charge to become more savings savvy in response to the global financial problems.

A national survey by mortgage broker Loan Market found 69% of respondents had become determined savers and more concerned about taking on further debt since the GFC.

The Loan Market poll which asked "Did the GFC fundamentally change your approach to finances?" found Gen Y respondents were the most savings conscious, with 44% saying they were now focussed on creating a savings buffer.

>>>More Business and Money News

The online survey found 42% of the 498 respondents said they had been creating a savings buffer since the GFC.

The survey found 27% of those asked about their savings habits said they had been conscious about taking on more debt.

Another 10% said they were now more risk averse as a consequence of the GFC.

Loan Market Corporate Spokesperson Paul Smith said 21% of respondents said it had been "business as usual" for them in the two years since the peak of the GFC.

"The GFC fundamentally changed the approach most Australians have towards their finances, particularly Gen Y," Mr Smith said.

"People now recognise the need to create a savings buffer in the event of a serious economic downturn.

"Even though the GFC was not felt as badly in Australia as it was in many other western economies, it has had an impact on consumer behaviour here.

"That is a highly positive and beneficial result for the Australian economy for people to be maintaining a savings buffer to help protect their finances in the event of any future economic hardship."

Topics:  finances, generation y, gfc, money, savings



Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Smart Cities Plan to boost regional economies

DRIVING GROWTH: The Turnbull Government’s Smart Cities Plan aims to collaborate with regional city leaders, the private sector and governments to help accelerate growth within these economies.

Smart Cities Plan to boost regional economies

Man injured in two-car crash

LOUD AWAKENING: Emergency authorities attend at two-vehicle crash in Beryl St, West Coffs, early yesterday morning.

Man injured in two car crash

Fair go for our seniors

CARE NEEDED: Recent statistics suggest seniors across the Mid North Coast are in need of more support through federal funding.

Fair Go for our seniors

Latest deals and offers


NSW Police join Dance Challenge

NSW Police show their moves at Manly Wharf.

Manly Wharf is the backdrop to NSW Police running-man dance entry.

Scotland Police accept Dance Challenge

NZ Police doing the running man dance.

Australian Federal Police say watch this space but NT Police feel ignored.

Gwen Stefani, George Clooney and Julia Roberts sing Queen

Gwen Stefani, George Clooney and Julia Roberts.

James Corden from The Late Late Show sings Carpool Karaoke with Gwen Stefani and...

The great Aussie dream has been downsized

HIGH LIFE: Apartment living in Coffs Harbour is becoming highly sought after by buyers.

The traditional quarter acre block is losing favour

Korora property provides the resort lifestyle

Live the resort lifestyle at Korora

Like to live in your own resort?

Renting harder in Coffs than Sydney

HIGH DEMAND: Coffs Harbour rental properties are in higher demand than in Sydney.

Coffs Harbour’s rental vacancy rate at lowest level in eight years