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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)
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Australian Banking & Finance
- Article date:
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January 31, 2008
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Copyright informationCOPYRIGHT 2008 First Charlton Communications Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"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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