Gen X and Gen Y have it financially tougher than older generations when it comes to achieving the key life milestones.
Younger generations have indicated they face greater financial challenges than older generations, according to a new survey commissioned by bank lender ME.
Results from the survey of over 1,000 Australian adults show Gen X and Gen Y have it financially tougher than older generations when it comes to achieving the key life milestones.
All respondents were asked to rate the challenges they experienced in achieving 10 different life milestones (see graphs below), and the figures revealed more younger than older generations experienced greater financial challenges across 9 of the 10 milestones.
Challenges that came top for younger generations were ‘starting their own business’, ‘buying their first home’ and ‘raising a family’, while older generations nominated ‘having money left over for holidays and luxuries’, ‘starting their own business’, and ‘making ends meet’ as their top challenges.
ME’s head of deposits and transactional banking, Nic Emery, said, “There’s often debate about whether younger generations are struggling compared to their older compatriots and these findings support the argument that they are experiencing greater financial challenges.
“As a bank we see firsthand how hard it is for younger people, particularly for Gen Ys buying a first home, when average house prices are seven times the average income today compared to three times thirty years ago.
“With greater financial challenges, it’s more important than ever for younger Australians to have solid money management skills.”
Source: ME survey conducted via I-view Research
The survey also revealed women were finding it tougher than men to reach financial goals.
Nearly three quarters (73%) of women said they found it difficult to start their own business compared to 59% of men and 63% women said earning a decent income was difficult, compared to just 53% of men.
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Source: ME survey conducted via I-view Research
Note: Generations referred to include:
Gen Y: born between 1980-1966
Gen X: born between 1965-1979
The Baby Boomers: born between 1946-1964
The Builder Generation: born between 1939-1945
Results from the survey of over 1,000 Australian adults show Gen X and Gen Y have it financially tougher than older generations when it comes to achieving the key life milestones.
All respondents were asked to rate the challenges they experienced in achieving 10 different life milestones (see graphs below), and the figures revealed more younger than older generations experienced greater financial challenges across 9 of the 10 milestones.
Challenges that came top for younger generations were ‘starting their own business’, ‘buying their first home’ and ‘raising a family’, while older generations nominated ‘having money left over for holidays and luxuries’, ‘starting their own business’, and ‘making ends meet’ as their top challenges.
ME’s head of deposits and transactional banking, Nic Emery, said, “There’s often debate about whether younger generations are struggling compared to their older compatriots and these findings support the argument that they are experiencing greater financial challenges.
“As a bank we see firsthand how hard it is for younger people, particularly for Gen Ys buying a first home, when average house prices are seven times the average income today compared to three times thirty years ago.
“With greater financial challenges, it’s more important than ever for younger Australians to have solid money management skills.”
Source: ME survey conducted via I-view Research
The survey also revealed women were finding it tougher than men to reach financial goals.
Nearly three quarters (73%) of women said they found it difficult to start their own business compared to 59% of men and 63% women said earning a decent income was difficult, compared to just 53% of men.
Source: ME survey conducted via I-view Research
Note: Generations referred to include:
Gen Y: born between 1980-1966
Gen X: born between 1965-1979
The Baby Boomers: born between 1946-1964
The Builder Generation: born between 1939-1945
