ABC News (Australia) published this video item, entitled “Why young people are cutting back as boomers splash out | The Business” – below is their description.
The nation’s biggest bank reveals younger people are drastically cutting back to cope with higher rents and mortgage repayments, while older Australians are spending up on cruises and restaurants. The report from Commbank iQ — a joint venture between the country’s biggest bank and data firm Quantium — looks at the financial data of 7 million Australians. Its latest quarterly report found that after spending on housing costs is stripped away, people under 30 years old are even cutting back on essentials such as food, fuel and insurance. Conversely, people aged over 65 are continuing to grow their spending on non-essential goods and services faster than inflation.
ABC News (Australia) YouTube Channel
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