New data based on shopping patterns has revealed that young Australians were being disproportionately affected by the cost-of-living pressures than older individuals.

The data compiled by Commonwealth Bank revealed that Australians aged between 18 and 29 were making the deepest cut to their expenses, while those above 60 were comparatively better off, despite the economic downturn.

An examination of 7 million of its customers by Commonwealth Bank found that "generational spending gap" was on the rise for the second consecutive year,........

© International Business Times