Gen Y have better saving habits than gen X and baby boomers

A new survey has found that Generation Y are better at finding the best deal.

Gen Y have come out on top when it comes to saving money, with better saving habits than generation X and baby boomers, the Sydney Morning Herald reported.

When it comes to saving a regular amount every month, Gen Y are the best at it, with 29 percent saving regularly compared with 19 percent of baby boomers, according to the RaboDirect annual Savings and Debt Barometer.

Among those who save nothing at all - or even spend more than they earn - 24 percent were baby boomers, compared with 11 percent of Gen Ys.

Internet savvy Gen Y are generally better at researching savings strategies and looking for a better deal than the boomers, who are less likely to switch banks for higher interest rates but are the best at budgeting and would be putting money toward superannuation rather than savings, RaboDirect Australia executive general manager Greg McAweeney said said.