Gen Y first-time buyers 'may need to save more'

Young people hoping to purchase their own property may want to consider opening savings accounts as soon as possible to get enough cash together for a deposit on their first home.

Aussie Carnegie mortgage broker Mark Daly told the Herald Sun that many Gen Y youngsters do not have good financial habits and find that when they want to purchase a property, they have already spent their money.

He suggested that many are opting to purchase abodes with friends or families or are selecting investment properties to help them get a foot on the ladder.

"The reason these options are popular is because people don't have the savings. They have either spent it or the house they want is so expensive they need a bigger deposit," said Mr Daly.

Despite many Gen Y Aussies struggling to put cash away to purchase a home, a recent study by Lifewise revealed that this age group is one of the most careful with their credit cards.

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