Gen Y: debunking millennial money myths

Acording to new research from the Commonwealth Bank of Australia on Gen Y and money, 92% of respondents were saving to fund future aspirations, and 74% were budgeting daily.

Yet alarmingly, according to the CBA data, only 41% knew where to go for reliable information on money management. For the other 58%, Money brings you a column covering all your money matters.

It's commonly thought that members of Gen Y are nothing but a bunch of spoilt slackers.

Lazy, selfish, they know nothing about personal finance, can't save, don't read the newspaper, don't do the work and want it all on a plate with tomato sauce. We've heard it all, those of us born anywhere between 1980 and 2000.

As the only representative of my much maligned generation here in the Money office I've copped more than my fair share of flack from my colleagues.

And for the most part members of the Money team were spot on in their assessments.

But that doesn't mean we're all so bad with our money.

There's a younger generation of financially competent Australians looking to start early and invest wisely.

The global financial crisis didn't slow Gen Y down but instead prompted greater maturity.

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