According to a new study of over 5000 Australians aged 18-29, the average Gen Y's finances are more likely to be in the black than the red.
However, there are big disparities between various demographics, and a lot this generation has to stress about. Here's what you need to know:
1.There's a bunch of economic challenges facing Australians aged 18-29 in the coming years.
2.Not to mention house price inflation, with the median house price in Sydney set to hit $1 million by the end of the year.
3.Even though people think of millennials as entitled, they're actually really worried about their financial future.
4.And as a result, Gen Y is pretty fiscally conservative.
5.Basically, if you're a Gen Y, you're most likely to be well off if you're a man in your mid-twenties who lives in the city, works full time, and has a degree.
6.A whopping 93% of Gen Y has money saved right now, with the average young Aussie holding $8,271 in the bank.
7.Even though lots of people think Gen Y is lazy, the reason they're able to save is because they work. A lot.
8.Plus, Gen Y is pretty savvy when it comes to cutting costs around the home.
9.However, half of all 18-29 year olds have at least some personal debt (not including mortgages or higher education debt).
10.And those with responsibility – with kids, in couples, working full time – tend to have higher debt than those without.
11.But the biggest concern for Gen Y right now is buying a home. Or, more specifically, never being able to.
12.The majority of 18-29 year olds who do actually own property got a bit of help from mum and dad.
13.Generation Ys from regional and rural areas are *significantly* poorer than their city counterparts when it comes to their net financial position.
14.And men aged 18-29 have way more disposable wealth than women.
15.Those aged 18-29 in Adelaide are also disproportionately poorer than people in other cities.
Basically, Generation Y is stressed about debt and working hard, but will probably have less to show for it – especially women and people from the country.