Young Aussies have become the most committed savers in the country, a new study claims.Nearly 90 per cent of Generation Z Australians aged between 18 and 29 years-old are actively putting money away, according to new data released by NAB this morning.The survey claims 89 per cent of young women and 85 per cent of young men are committed to growing their savings accounts despite being hit by cost-of-living pressures and uncertainty around interest rates.
Three quarters of Aussies admit they are being forced to cut back on spending. (Getty)
Sacrifices have to be made, however, with three-quarters of all Australians forced to cut back on spending according to the survey.
NAB Retail Executive Belionda Mamet said younger Aussies have understood the importance of saving even from an early age.
“Young Aussies should give themselves credit for how much they’ve already done,” she said.
“Cutting back and saving can feel boring, but our younger customers are managing their savings well.”
She encouraged Aussies looking to save to use the New Year period as a natural reset and to start small in their budgeting goals.
“Pause, reset, and make a couple of small changes that help you feel back in control after a busy summer of celebrations and higher than usual spending,” she said.
“If you’re exhausted with cut back fatigue, don’t cut more, just don’t quit what you’re already doing. Small, repeatable actions can make a big difference.”
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