Young Aussies 'are using savings accounts'

More than half of the teenagers in Australia are using savings accounts to put money away for the future rather than simply spending their funds, research has shown.

A survey conducted by Habbo found that 54 per cent of teenagers use their bank accounts to save cash, reports News Limited newspapers.

Nearly one-third were putting money aside to purchase a car, while 35 per cent said they wanted to raise enough to purchase a tech gadget.

According to Jeff Brookes, regional director of the organisation, typical young Aussies between the ages of 12 and 18 revealed they did not like to owe money to anyone and felt strongly that bills should be paid on time.

Earlier this month, figures released in a Deloitte Access Economics report suggested that national retail sales were likely to grow by the smallest amount seen in the last 20 years over the course of 2011, reported the Herald Sun.

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