Gen Y Aussies have stepped up their use of savings accounts

A senior official at the Reserve Bank of Australia (RBA) has asserted that the view of Generation Y Aussies as spenders rather than people who use savings accounts may need to be revised.

Philip Lowe, assistant governor of the central bank, observed that there has been a downturn in spending on certain goods, notably clothing and footwear, reports the Daily Telegraph.

At the Australian Economic Forum on Changing Patterns in Household Saving and Spending, he noted that in the three years to 2009, those between 15 and 29 years of age increased their savings by ten per cent.

Mr Lowe observed that for some the drive to put money aside stemmed from a desire to purchase a property in the future.

However, he noted that this was only part of the reason, citing the fact that saving increased across the country as evidence of this.

This comes during the same week that the Australian Bankers' Association urged the government to introduce incentives to tempt more people to put money in high interest savings accounts.

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