Gen Y know how to party and save, finds latest Suncorp research

On World Savings Day, it seems only fitting to celebrate the best savers among us, and you might be surprised to learn that Gen Y really excel when it comes to stashing that cash.

According to Suncorp bank’s Best Saver Report, the average Aussie aged between 18 and 34 save approximately 32% of their hard earned money each month. A figure which is considerably higher than the national average of 23%.

“It was interesting to see the top savers in this younger age group were motivated by tangible goals - buying their first home, investment property or shares, which goes against the common assumption that this generation has given up on the great Australian dream of home ownership,” commented Suncorp’s Executive General Manager of Consumer Financing, Chris Fleming.

Yup, it would seem that there really is more to Gen Y than smashed avo on toast and smartphone addictions. 

The report even went so far as to describe Australia’s best savers as women aged between 18 and 34 with full time jobs, living in New South Wales, who entertain regularly, have tangible goals, bring lunch to work and share streaming subscription services with a friend.

RELATED ARTICLE: Savers can now earn up to 2.50% interest with Heritage Bank

Of course, not everyone can fit perfectly into this savings model. Indeed as Fleming suggested, many Aussies in the same age group admitted to impulse purchases and spending a lot of their salary as soon as they get paid.

“Getting in the habit of good money behaviours at an early age, like prioritising needs over wants, being mindful about where we spend our money and keeping track of discretionary spending, can really help us financially for later in life,'' added Fleming.

The report also found that a worrying 25% of Australians are often anxious about their finances, with 11% not saving at all.

To get more savvy with saving, Suncorp Behaviourist Economist, Phil Slade suggested thinking about savings in terms of percentages rather than dollars and cents.

“If we think of our savings as a percentage rather than a number it could trigger a change in behaviour later in life - the 80/20 rule is a great example. With the 80/20 rule if your earning capacity changes, you will continue to contribute the same percentage of your salary to your savings or investment goal,” Slade explained.

Get savvy with your savings this World Savings Day!

Of course, there’s no better time than World Savings Day to think about turning over a new leaf and kicking bad budgeting habits. 

So here are some of Mozo’s top tips for stashing your dollars and cents this World Savings Day:

  • Create a budget and stick to it! Honestly it’s a must have for any savings plan. Check out our guide on how to create a budget, to see how you can start putting your ducks, or dollars and cents in a row.
  • Kick a bad habit. Now this one is easier said than done, but kicking just one bad money habit could really make a difference to your savings stash. Figure out what your No. 1 bad money habit is and see if you can do without.
  • Save every dollar and cent. Small change might seem like an inconvenience to your wallet or purse, but it can really add up. So get yourself a good ol’ fashioned piggy bank and start stashing.
  • Give yourself savings goals! It helps to know what you’re saving for, whether it be a car or a microwave, having an incentive to put your wallet away could really help.
  • Keep your savings in a high interest savings account! For any good savings plan you need an even better savings account. So if you’re struggling to put money away for a rainy day, take a look at other savings accounts to see what else is out there.

Feeling inspired? Why not have a gander of the bonus savings accounts below, to find out if you could be getting a better annual interest rate on your hard earned dollars.

Compare bonus saver accounts - last updated 24 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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^See information about the Mozo Experts Choice Savings Account Awards

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