Is Generation Y just interested in spending money on consumer goods and extravagant lifestyles or are they thinking of settling down and taking out a home loan?
Issue 4 of Genworth's Spotlight Series looks at the profile of Generation Y, and considers the opportunities and challenges for the mortgage industry in capitalising on this new generation of borrowers.
Highlights include:
- 20 per cent of Genworth’s current portfolio is made up of Gen Y borrowers compared with Gen X (44 per cent), Gen Jones (25 per cent) and Baby Boomers (11 per cent)
- Delinquency rates tend to be higher for Gen Y than for other groups, typically performing between 1.0 – 1.5 times worse than Gen X and Baby Boomers
- The challenge for mortgage lenders will be reaching the Gen Y audience and shifting mindsets. Lenders must learn how to market to them effectively.
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