Saving is toast for the younger generation

YOUNGER Australians have been exposed as irresponsible with their money, choosing smashed avocado and expensive travel over saving. .

Many millennials live from one payday to the next and have no savings at all, data from financial phone app Acorns have revealed. One in three millennials does not have a personal budget and 1 in 10 doesn’t save.

Acorns chief executive officer George Lucas said many younger Australians had short-term savings goals, usually for discretionary expenses such as holidays. “The generation before used to save a lot of money because they were saving for a house. But today when people are constantly being told they can’t afford property, they ask, ‘why am I saving?’ ’’ he said.

“The avocado on toast issue is definitely a problem. Millennials know all the latest restaurants and cafes and like going to them.”

The research also found four in 10 millennials live from one payday to the next and 18 per cent are worried about their financial future.