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Generation Y: free not frivolous: educated, hard working, child free, optimistic and asset poor. A lot has been said about Gen Y, but what are the banks doing for them?(SPECIAL REPORT--GENERATION Y)

"Gen Y wants the freedom to do what they want, buy what they want, but this is tempered by a fear of being out of control with their debt," says Sivea Pascale, head of corporate marketing at St George.

According to last year's AMP: NATSEM Income and Wealth Report on Gen Y, debt is an issue with households headed by a Gen Y-er, as they owe about $60 billion in total. 55 per cent of Gen Y households have credit card debt, more than any other debt category. Thirty-seven per cent have home mortgages, while 23 per cent of Gen Y households have HECS debt.

Plenty has been said about the demographic born between 1976 and 1991. They have been described as frivolous, called the ...

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