Young Australians have an addiction to credit cards

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A significant majority of young Australians are addicted to credit cards and feel unable to save for the long-term, it has been suggested.

Catherine Cashmore, a buyer advocate at real estate firm JPP, claimed that today’s Generation Y – meaning Aussies ages 18 to 24 – expect to have easy access to loans and credit.

“Generation Y has grown up in a world of two-minute noodles where email now looks like snail mail,” she wrote in a column for the Age. “It’s not that they can’t save – for a large proportion, their mental addiction to credit simply won’t allow them to save. They want it now – or not at all.”

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