Data reveals generational spending gap is widening and young people are doing it increasingly tough

New data has revealed the spending gap between younger and older Australians is widening, for the second year in a row, and younger people are feeling the pinch of the cost of living crisis most acutely. The Cost-of-Living Insights report from Commonwealth Bank, which looked at seven million bank accounts, shows while younger people have cut back on spending, over 60s have increased their spending in the last year. The results show people aged between 18 and 29 cut back the most by 2%. Those aged between 30 and 39 reduced their spending by about 1% while over 70s increased their spending by 7.7% The chief executive of the Grattam Institute, Aruna Sathanapally, says older Australians benefited from better access to the housing market, have been able to build up wealth and they receive tax concessions. But she says these concessions may not be suitable under current circumstances with younger people bearing the brunt of paying for public services and struggling to get ahead.
#ABCBusiness
Subscribe: ab.co/1svxLVE
ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC News, click here: ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: ab.co/2lNeBn2
Like ABC News on Facebook: / abcnews.au
Follow ABC News on Instagram: / abcnews_au
Follow ABC News on X (Twitter): / abcnews
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia