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Staff Reporter
Generation Y are more anxious than the rest of the population over the direction of the global economy and the European debt crisis, a new survey has revealed.
According to a recent Loan Market Poll which asked: "What most influences your level of confidence around making financial decisions in 2012?", 74 per cent of respondents pointed to the uncertain international economic outlook.
The Gen Y jitters over Europe were far greater than those for the total survey sample, with 61 per cent of the 763 respondents to the online poll saying the global economic situation was their major concern.
The potential this year for more interest rate cuts was also far less consequential for Gen Y respondents, with just six per cent saying it would influence their confidence compared to 19 per cent of the total poll.
Fifteen per cent of those polled said rising unemployment was a major consideration while five per cent said Australia's resources boom was most influential.
Loan Market corporate spokesman Paul Smith said the situation in Europe was continuing to weigh heavily on the confidence of Australians, particularly younger people.
"While it's obviously a challenging situation in Europe, it's a positive to see Gen-Y's responsive and alert to the impact a Eurocrisis could have in Australia," Mr Smith said.
"The volatile situation in Europe remains a major issue for many Australians, as interest rates and unemployment levels could move in conjunction with a European recovery or further downturns," he said.
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