Young Australians target savings

A third of 18-24-year-old Aussies – also known as "Gen Y" – are worried about their job security, new research has found.

The findings by the Australian National Retailers Association also suggest that many within the group are now wary of spending big, with 42 per cent cutting back on the luxury of dining out, the Daily Telegraph reports.

According to the report, such frugal spending habits were reflected in an ANRA study last month when 65 per cent of 1,000 women surveyed said they would reduce their spending on entertainment expenses as a result of tightening budgets.

ANRA boss Margy Osmond told the news provider: "The global crisis has affected Gen Y in a very personal way. They know it’s a world phenomenon, but it feels like it’s happened to them personally, and they have no experience to judge it by."

Such fears will encourage young Australians to compare savings accounts. Last week a report by News Limited found that banks are now competing for customer deposits by offering high interest savings rates and high term deposit interest rates.

This article is brought to you by Mozo – Helping you compare bank savings accountsADNFCR-1761-ID-19524190-ADNFCR