Gen Y members 'are more careful with their credit cards'

Youngsters who fall under the Generation Y category have been found to be more responsible with their credit cards than some may have previously believed.

A study conducted by Lifewise has revealed that just nine per cent of this demographic living in Tasmania had credit card debts of more than $5,000, the Mercury reports.

This was in stark contrast to older generations, with 43 per cent admitting to having spent more than this on their plastic.

Lifewise campaign co-ordinator Holly Dorber told the publication that Gen Y members are starting to lose their tag as irresponsible free-spenders.

"In Tasmania, some Gen Y/Gen X stereotypes are becoming redundant," she remarked.

The study also suggested that 59 per cent of youngsters harboured concerns over their job security.

Figures compiled by the Economist's Intelligence Unit have indicated that many Aussies may be looking to compare credit cards in order to cover themselves against spiralling living costs.

Sydney and Melbourne were deemed to have become even more expensive places to reside than London and New York.

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