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Young Aussies better than boomers at snagging a bargain

·2-min read
People walking on the street
Most Aussies have started shopping around for better deals to combat the rising cost of living. (Source: Getty)

Young people aren’t afraid to chase down a good deal, with 71 per cent of Gen Z Aussies switching to a more competitive financial product in the past six months.

This included energy plans, home loans and super funds, according to the data collected by Finder.

Millennials are also vigilant deal hunters, with 59 per cent of those surveyed switching at least one financial product for a cheaper alternative.

Baby boomers were the most likely to stick with their current providers, with just 20 per cent swapping a financial product within the past six months.

“Rising interest rates, energy prices and the general cost of living are driving Australians to squeeze more out of their banking and utilities products,” Taylor Blackburn, personal finance specialist at Finder, said.

“Many have realised that some savvy swaps – like switching energy providers or cutting down on subscriptions – could save you hundreds of dollars a year.”

Rising interest rates have triggered record levels of home-loan refinancing, with Millennials leading the charge.

Around 23 per cent of Millennial homeowners recently refinanced their mortgage, nearly doubling from just 12 per cent in January.

Nearly one in six mortgage holders overall had refinanced since January, with Australian Bureau of Statistics figures showing the value of refinanced home loans reached a record high of $20.3 billion in June.

Blackburn said it was not surprising younger homeowners were refinancing in large numbers.

“They tend to have lower incomes – so every little bit of savings makes a huge difference to their household budget.”

Soaring energy prices had also prompted record-high energy provider swaps, with Gen Z (22 per cent) and Millennials (20 per cent) the most likely to have changed their energy plans.

“Many providers – even large ones – have recently ramped up their prices by as much as 18 per cent, which means you could be in for a shock on your next bill," Blackburn said.

“Don’t fret, take those details and pop them in to see if there is a cheaper deal with another provider.”

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