Generation Y feels out of its depth when it comes to financial management, according to Mozo.
The money saving website reports that more than 60% of Gen Y have concerns about their ability to achieve their financial goals, according to a REST Industry Super survey. The report says that, even though two thirds of survey respondents claimed to save regularly, their lack of education with regard to money matters means that they now don’t feel confident about their financial planning.
REST CEO Damian Hill says that learning about money early is important to prevent a lifetime of worry caused by lack of financial knowledge. Despite Gen Y’s worries, the survey found that more than 50% of respondents had reservations about seeking professional advice from a financial advisor. The report added that the majority of survey respondents were also unwilling to approach family for advice about their finances, whilst over a third preferred not to discuss their earnings with friends.
Source: http://mozo.com.au/savings-accounts/articles/financial-concerns-keep-two-thirds-of-gen-y-awake-at-night/6948031455
