Older Australians spending more across the board as young people cut back on essentials, report shows

With inflation, March quarter consumption fell more than 7% for 25- to 29-year-olds, while over-65s spent 11% more on travel compared with last year

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Older Australians are spending more on everything from travel to eating out, while younger people are cutting back even on essentials such as groceries and electricity bills, as the growing generational wealth divide threatens to turn into a chasm.

A report from CommBank iQ, a joint venture between the Commonwealth Bank and data firm Quantium Group, has found that the spending gap is widening between younger and older Australians, with those in their mid-to-late-twenties most affected by relentless price rises.

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