Generation Y: Generation why not spend more?

Almost one-third of Generation Y have actually increased their spending despite the claustrophobic economic environment they find themselves in, a survey found.

Consultancy group the Leading Edge surveyed 1,230 consumers and found that 31 per cent of young people aged between 18 and 24 are spending more money today than they were last year, according to news.com.au.

Karen Phillips, the chief executive officer of The Leading Edge claimed that with so few of the generation flying the parental nest, it is no surprise they are being more frivolous with their cash and credit cards on items such as iPhones, GPS devices and Wiis.

"With so many Gen Y’ers still living at home with mum and dad, it is not surprising they are less affected by an economic downturn in comparison to home owners and young families," she said.

Inside Retailing reported that even those members of Generation Y that have moved out of their parents' houses do not seem to have taken with them any culinary skills that they may have learned from their mother or father as the survey found that 29 per cent were spending more on takeaways.

The number of Australians in their 20s that still live with their parents has climbed by around 300 per cent during the last two decades, news.com.au has reported.

According to the 2006 Census, almost 62 per cent of Australian men aged between 15 and 24 and 55 per cent of women at that age still reside with their parents.

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