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Experts says young people are finding it difficult to pay bills

Younger consumers may find it difficult to manage their finances  16000646 800473336 0 0 14015114 300

Financial planning can be difficult at the best of times, but if you are under the age of 50 it might be even harder.

And with plans by the federal government to increase compulsory superannuation contributions by as much as three per cent, it seems that young people may be placed at an unfair disadvantage.

In an interview with Fairfax media, a senior analyst has suggested that contributions to these accounts should reflect different stages of life.

Bruce Bradbury, a research fellow at the Social Policy Research Centre at the University of New South Wales, said the change in policy should not be applied to younger Australians.

"The point of superannuation is to help us move resources to the retirement years when our income is low," he said.

"But the policy doesn't take into account the other stages in life when people also have high needs, typically when they're buying a house and having children."

Dr Bradbury, whose own research touches on the issues that face young people, made it clear that those from generations X and Y often found it difficult to pay bills.

If you are looking to save money then it might be wise to compare gas prices, as well as other utilities in order to get ahead.

Posted by Callum Flemming