Gen Y increasingly open to advice

The RaboDirect Financial Health Barometer found that Gen Y is saving more each month than other Australians – roughly $943 compared to $908 – and is consistently saving greater amounts each year than other generational groups.

The survey also found that almost one quarter (24 per cent) of Gen Y respondents are seeking informal advice from family, friends or others.

In a statement, RaboDirect executive general manager Geoff McAweeney welcomed the survey’s findings.

“It’s encouraging to see that Gen Ys are happy to talk to others for financial advice – if you’re finding dealing with your finances stressful, a second opinion can help set you straight and give you some practical steps to take to improve your financial outlook,” said Mr McAweeney.

“Our research shows that Gen Ys are taking control of their finances and adopting good savings habits from an early age, which are important factors for ensuring a comfortable financial future,” he said.

However, Mr McAweeney urged Gen Y members to speak to a “trusted financial professional” in addition to informal advice.

“Having a simple plan can really offer peace of mind,” he said.

The survey also found that Gen Y lacks financial confidence.

“Gen Ys are most likely to say they find dealing with money ‘stressful and overwhelming’ (47% vs 35% of the total respondents).”

RaboDirect surveyed 2,300 Australians aged 18-65 regarding their attitudes towards savings, investment, debt and the economy.