Report highlights the financial life and worries of Generation Y

06 May 2015

A report by The Co-op (a BCCM member), in partnership with the accountancy firm BDO, has delved into the financial life of 18-29 year old Australians and has found some fascinating and startling findings.

The first White Paper of the Future Leaders Index 2015 interviewed more than 5000 participants in the Generation Y age group nationwide and found their number one perceived issue going forward as – being unable to afford a home. Furthermore, the report revealed that 93% of participants had set money aside.

However, the report also pointed to some worrying trends regarding gender pay gaps and disposable wealth between rural and city regions. Research found that young people in capital cities have 38 times more disposable wealth than their peers in the bush with the gender pay gap at 19 per cent – a 20 year high.

Other findings from the report include:

• 8 in 10 (79%) are concerned about the mortgage debt they may face over their lifetime
• 8 in 10 (78%) are concerned about having enough money for retirement
• Three quarters (76%) are concerned about the costs they may face bringing up children
• 7 in 10 (68%) are concerned about debt arising from study/education

This report is the first of a series of three White papers to be launched across 2015 which will dissect the spending, saving and debt habits of this generation of Australians.