Young Australians cut back in cost-of-living crisis while older people shop more, data shows

Commonwealth Bank finds over-70s cohort spent 7.7% more from July to September than the same time last year

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Young Australians aged 18 to 29 have cut back the most due to cost-of-living pressures while older people are shopping more, data compiled by Australia's biggest bank shows.

An analysis of the de-identified payments of about 7 million Commonwealth Bank customers, released by the bank on Tuesday, showed the generational spending gap" between older and younger Australians grew for a second year in a row.

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