Generation Y Australians lend each other about $2.6 billion a year but have problems budgeting and saving, a survey says.

A survey of 1,000 Australians aged 18-29 years found 87 per cent of Generation Y used each other as an informal bank and exchanged money among themselves, St George Bank says.

St George has launched two complementary accounts - SENSE Everyday (for transactions) and SENSE Savings - that help customers to manage their money.

The bank’s managing director for Southern NSW and the Australian Capital Territory, Andrew Moore, said respondents with financial worries could benefit from St George’s new accounts.
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One in six Gen Y feel pressured to buy an investment property

Good news for the housing market: a survey by Australia’s largest independently-owned mortgage broker, Mortgage Choice, found over one third of Generation Ys planning to buy an investment property by June 2011 also aimed to purchase a home during that time. Almost one quarter wanted to create an investment property portfolio of ‘as many properties as possible’.

In further support of the housing market recovery continuing well into the future, the 2009 Property Investors Survey found 71% of the 281 Gen Y respondents were delaying their purchase until the First Home Owner Boost finishes on 31 December 2009.

Mortgage Choice senior corporate affairs manager, Kristy Sheppard said the survey provides evidence that activity from younger buyers will not phase out at the end of year as some commentators are predicting.
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The global financial crisis is driving a wedge through families, with many parents no longer willing or able to provide for their adult children, a study shows.

St George Bank research shows Generation Y expects parents to help pay for weddings, house deposits and education fees, but concerns over retirement and debt have taken priority for most mums and dads.

A study of 1,000 Australians commissioned by St George showed 70 per cent of baby boomers believe the global financial crisis has seen their assets shrink in value, and 71 per cent are now concerned about their financial health.

As a result, just six per cent of parents rate providing financial assistance to their adult offspring as a top priority.
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Generation Y is the most financially unfit group of Australians, with little savings, high debt and high housing costs relative to income, a new survey has found.

The BankWest Financial Fitness Index polled more than 1,000 Australians online, placing them in four categories according to the amount of their savings, insurance coverage, housing costs relative to income level and reliance on debt.

It found 22 per cent of Australians were financially unfit, with an over-reliance on debt, little or no regular savings, no insurance coverage and high housing costs.
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Generation Y investors who manage their own funds are shrugging off the housing slump to invest more in property than shares and take higher risks in search of greater returns, a new study finds.

Conversely, baby boomers perceive the property market as risky, and see superannuation as a safe long-term option, despite the higher fees.

The RaboPlus DIY Investor Survey of all ages groups defined investors as those with $150,000 or more in personal savings who actively manage their own investments.
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