Aussie youngsters are boosting their savings accounts, research shows

An increasing number of young Aussies are stashing money away in their savings accounts, it has been revealed.

Research conducted by Foreseechange on behalf of the Daily Telegraph has indicated that Generation-Y are now putting away two and a half-times more cash than they are spending.

This, bosses at the organisation stated, is because more people have finally realised that they must have a substantial pot of savings behind them if they are to get onto the property ladder.

Indeed, the latest World Cost of Living Survey showed that Australian cities, particularly Melbourne and Sydney, are among the most expensive places to reside on the planet, which reiterates the need for young Aussies to accrue a sizeable deposit when buying a new home.

Managing director of Foreseechange Charlie Nelson told the news provider that in mid-2009, Gen-Y members were spending nearly as much of their spare income as they were saving.

"The big difference is there's been a realisation that they have to actually save money to afford a house and with current interest rates and house prices they think that's within reach," the company's leader was quoted as saying.

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