The Youth Of Melbourne Are The Wealthiest In The Country

A new study has revealed young people in Melbourne have more disposable wealth than 18-29 year-olds in other states.

According to the inaugural Future Leaders Index 2015 (measuring 5000 Australians aged 18-29), millennials in Victoria are better off than their counterparts in Sydney, Perth, the ACT, Brisbane and Adelaide.

The study was put together by accountancy firm BDO and The Co-op. Disposable wealth was measured as current savings minus debts, not including assets, study loans or mortgages.

The same report suggests young South Australians have the least disposable wealth in the country.

The divergences don’t end there. Young men have three times more disposable wealth than women of the same age.

This despite young women being reportedly better educated than young men (based on the percentage who've received a bachelor's degree or higher).

Also, young people living in cities have approximately 38 times more disposable wealth than those in regional areas.

The Future Leaders Index puts into perspective the financial status of a generation only now taking a dominant role in Australia’s financial landscape.

However, it also conveys the strides that still need to be made in closing our equality gaps.

More than three quarters of young people measured are concerned about unaffordable housing, having enough money for retirement and the costs that come with raising children.

As such, 93 per cent of young people are setting aside money for a rainy day

See more of the results, in handy graph form, over at the Sydney Morning Herald.

Do the results accurately reflect your experiences living in Australia?