More Gen-Y members to open savings accounts next year

A growing number of Generation-Y members will look to open savings accounts in 2012, according to a new study.

The Westpac New Year's Financial Resolution Survey has indicated that 77 per cent of young Aussies will do their best to put money aside in the next 12 months, the Courier-Mail reports.

People who fall under the Gen-Y demographic are also significantly more likely to add to their nest eggs than more mature members of society, as just 55 per cent of older respondents said they would look to boost their savings.

Westpac spokesperson Sinclair Taylor suggested the results of the poll showed that savings accounts would be the "flavour of the year" among youngsters.

He stated that in order to successfully build up a fund, Aussies should spend more time working out their monthly budget and keep an eye on small purchases in particular, as these soon build up.

The Herald Sun recently reported that a study by Roy Morgan found that three out of four Aussies are happy with the services provided by their bank.

Have a question about savings accounts? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801251910-ADNFCR