Melbourne, Aug 25 : Australian baby boomers are the nation's biggest spenders, according to a new survey.
Conducted by retail consultancy Directional Insights, the survey revealed that older people in Australia owned the most expensive homes, and spent more money than any other generation.
It revealed that typical baby boomers aged 40 to 59, and Gen Ys aged 15 to 24 were egocentric, optimistic and opinionated.
Baby boomers shopped fast and spent more than any other generation.
"Baby boomers are not saving up for their kids' inheritance -- they love the good things in life and shopping could be seen as a means of establishing their self-identity," News.com.au quoted Monash University retail expert Prof Harmen Oppewal as saying.
Gen Ys preferred to spend their money trying to look good, and were struggling to break into the property market.
Generation X (25-39), on the other hand, worked the hardest, and despite having the highest income, they would not spend as much as Baby Boomers and Y-ers.