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Gen Y leads savings

GENERATION Y is leading the nationwide charge to become more savings savvy in response to the global financial crisis (GFC), a survey has found.

The national survey by leading mortgage broker Loan Market found 69 per cent of respondents had become determined savers and more concerned about taking on further debt since the GFC.

The Loan Market poll which asked "Did the GFC fundamentally change your approach to finances?" found Gen Y respondents were the most savings conscious, with 44% saying they were now focussed on creating a savings buffer.

The online survey found 42% of the 498 respondents said they had been creating a savings buffer since the GFC, while 27% said they had been conscious about taking on more debt. Ten per cent said they were now more risk averse as a consequence of the GFC.

Loan Market Corporate Spokesperson Paul Smith said 21% of respondents said it had been "business as usual" for them in the two years since the peak of the GFC.

"The GFC fundamentally changed the approach most Australians have towards their finances, particularly Gen Y," Mr Smith said.

"People now recognise the need to create a savings buffer in the event of a serious economic downturn."

"Even though the GFC was not felt as badly in Australia as it was in many other western economies, it has had an impact on consumer behaviour here.

"That is a highly positive and beneficial result for the Australian economy for people to be maintaining a savings buffer to help protect their finances in the event of any future economic hardship."

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