Are advisers aware of Generation B?
Suncorp has recently conducted a survey of its client base and uncovered a hidden ‘Generation B' of 3.1 million Australians in their 30s who are "breeding, busy and burdened".
The so-called Gen B makes up 62 per cent of the full-time workforce, typically has a bigger mortgage than any other age group and are growing their families, according to Suncorp head of everyday super, Lisa Harrison.
"Gen Bs are struggling to keep up with day-to-day living expenses as well as pay the mortgage," Harrison said. "Putting the money into long-term investments like superannuation or shares is just not the option it was for their older siblings or parents."
According to the Reserve Bank, Australians owe more in household debt than the entire country earns in a year.
"Gen B is caught in the stressful vice-like grip of high debt, family commitments and job demands," Harrison said.
In contrast, many Generation Ys in their 20s don't have children or a mortgage yet, while older Generation Xers in their 40s are beginning to see the light at the end of the tunnel, with reduced mortgages and children who are beginning to fend for themselves, Harrison added.
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