Young People spend too much on their phone.

Another big problem for young people is keeping up with the fashion and forking out for a big mobile monthly plan, including an expensive phone, only to lose or break it.

If you're signed onto a contract, you still have to keep paying the bills.

In other words, if you have a cool phone you should probably get insurance. Otherwise make do with your old Nokia 3315 on a prepaid account.

Young People don't take superannuation seriously

Superannuation is too confusing and retirement is so far away.

Another big mistake younger generations make is that they don't pay attention to the superannuation accounts they join.

If you move between jobs while studying or while starting your career you can quickly accumulate multiple accounts, meaning you're paying multiple fees.

 

It's also a nightmare to track them all down when you finally do decide to take your superannuation seriously.