|
Category:
Insurance
News /
Life
Insurance
/ June 2007
SA Under 35s More Financially Savvy Than Over 50s - Survey Finds
It's official,
older doesn't necessarily mean wiser - SA's under 35s (Generation Y)
are more financially savvy than over 50s (Baby Boomers), according
to a new survey comparing different generation spending habits.
 Today's under
35s have proven to be smart and independent when it comes to
spending their money. Surprisingly on top of the financial game, 92%
opened their first bank account at the tender age of eight. It's no
wonder then that this forward thinking generation makes use of
expert financial advice - 75% employ professional broker services,
while the survey revealed that a surprisingly low 29% of SA's over
50s took financial guidance seriously.
In today's fast
paced society, advances in technology have dramatically changed the
way we all live, work and look after our financial affairs. Gone are
the days spent wasting time standing in long lunch-time banking
queues. Nowadays a few clicks of the mouse is all it takes to manage
your finances effectively and conveniently. 56% of Generation Ys
questioned preferred using the internet, while a staggering 84% of
over 50s would still rather bank over the counter.
The research,
conducted by international online lottery portal
www.playUKinternet.com, surveyed participants from two
generations - under 35s and over 50s - and sought to investigate how
these generations manage their finances.
SA's under 35s building for their futures
Despite ever
escalating lifestyle costs, savvy under 35s are still not deterred
from purchasing property. A staggering 92% have purchased or plan to
purchase within the next five years, compared to only 71% of over
50s who actually own property.
Under 35s plan to retire earlier
Laying the
foundations for secure financial futures, 76% of under 35s have
already started preparing for retirement. However, financial
security does not seem to be on top of the priority list for over
50s, with only 46% claiming to be contributing towards retirement
plans.
Contrary to
popular belief, SA's under 35s are actively working towards bright
futures that are secure and financially rewarding. Their shrewd
spending habits and smart investments should go a long way to
ensuring their financial security lasts a lifetime.
Author:
Philippa Kruger
(philippa@trafficonline.co.za)
 |
