Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Save

Smashed avo generation also smashing savings goals

By Grace Ormsby · November 04 2019
Reading:
egg

Save

Smashed avo generation also smashing savings goals

By Grace Ormsby
November 04 2019
Reading:
egg
Smashed avocado on toast

Smashed avo generation also smashing savings goals

author image
By Grace Ormsby · November 04 2019
Reading:
egg
Smashed avocado on toast

The average 18 to 34-year-old is saving 32 per cent of their monthly income, giving them the title of Australia’s best savers.

The Suncorp Best Saver Report has found the amount is significantly more than the national average, which sits at 23 per cent of monthly income.

Suncorp said that while “they may be known as the smashed avocado generation”, the average 18 to 34-year-old has now surpassed their parents and grandparents in the savings game.

It indicated that those aged 35-54 years old are saving 20 per cent of their monthly income, while those aged 55-plus are saving just 19 per cent.

Commenting on the findings, the bank’s EGM consumer banking, Chris Fleming, said, “Many in this age group are likely to be enjoying an increase in their income as they finish university or build their career, while still having the flexibility of fewer big financial commitments.”

Advertisement
Advertisement

Mr Fleming conceded that the saving “sweet spot” is a strength held by the age group, “which generally stops as you get older”.

He considered it as “interesting to see the top savers in this younger age group were motivated by tangible goals – buying their first home, investment property or shares, which goes against the common assumption that this generation has given up on the great Australian dream of home ownership”.

According to the research, people who fit the best saver profile are generally confident about their own understanding of money and finances.

As a persona, the report indicated that “an 18-34-year-old female, with no kids, living in NSW, working full-time, who is focused on a tangible goal (property, shares), frequently entertains friends at home, uses tap and go or Apple Pay for purchases and brings lunch to work, tends to be Australia’s best saver”.

Smashed avo generation also smashing savings goals
Smashed avocado on toast
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.