Young money: Kiwi Gen Ys’ financially savvy after recession

Date: 11th July 2011

A recent study has found that it’s the younger kiwi folks who’ve got the brains when it comes to financial technologies and here’s this big surprise. ..responsibility? Are you scratching your head over this news?

A survey by AMP-Colmar Brunton has found that Generation Y New Zealanders (aged 18-29) were becoming savvier in their use of savings accounts and KiwiSaver, but still struggled to understand interest rates. Honestly, don’t we all though?

After the economic recession, younger people are shying away from credit cards, sighting their availability and desire to be cautious when it came to making payments. Two-thirds of Gen Ys do not have a credit card versus the 14% of 30-44 year olds.

They are savers too. The survey also found that a big chunk (one third) of the young polled New Zealanders actually make regular deposits into a savings account. Could it be a generation brought up on money managing technologies has an interest in actually managing it?

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