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Gen Y to save more over the next six months

The number of younger adults getting ready to move out could be on the increase, with a recent survey showing that more than half of Gen Y are planning on saving heavily over the next six months.

A report from MasterCard shows that the financial choices of people aged 18 to 29 has shifted away from impulse spending and that they are instead saving their hard earned wages, placing their funds in high-interest accounts.

At first glance this may not seem like much in the way of good news for property investors with real estate training, but the report goes on to show that one third of the new savers were not doing so for lack of funds - they all have the capacity to spend - but to save up to buy whitegoods and other big-ticket home-making items.

While certainly good news for businesses in the retail sector, this could also indicate that many of the younger generation were now looking forward to making the jump towards renting or buying their first home.

With a combination of factors indicating a recovering market - lowered consumer sentiment, steady cash rates and stable auction clearance figures - Gen Y may find themselves in an enviable position to move out with a minimum of fuss and a maximum of home-making commodities.

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