Boomers least likely to save
A survey has revealed Baby Boomers are least likely to save money, while Generation Y are reportedly the biggest savers. The Westpac report on Women’s Finances by Generation finds the younger generation is more “financially focused” than previous generations.
A survey has revealed Baby Boomers are least likely to save money, while Generation Y are reportedly the biggest savers.
The Westpac report on Women’s Finances by Generation finds the younger generation is more “financially focused” than previous generations.
The survey of 900 women across three generations – Baby Boomers, Generation X and Generation Y – reveals how Baby Boomers believe “times were different” when they were younger.
While Generation Y are most likely to save their dollars, the survey also found they are the generation who will go back to work after the birth of a child to maintain their career progression, compared to Generation X (27%) and Baby Boomers (15%).
The survey also shows 36% of Generation Y women will not get married until they have enough money to afford the wedding they want, compared with Generation X (14%) and Baby Boomers (4%). The survey also finds 29% of Generation Ys already own their own home.
According to Westpac director of women’s markets, Larke Riemer, it is interesting to see Generation Y place such a large emphasis on the monetary side of marriage and children.
“While they are building their wealth, research suggests Gen Y women understand they need to be financially prepared before they get married and start families,” Ms Riemer adds.
The survey shows the majority of Generation Y believe their partner should be financially stable; however, Ms Riemer warns the priority placed on the financial security of their partner is concerning.
“They need to know a man is not a financial plan,”
Are you surprised by the survey’s findings showing Generation Y as the biggest savers? Which generation do you fall under and how financially stable would you say you are? Share your thoughts by commenting in the box below.
