Suncorp Technical Advisor Gemma Dale said the rise in part time and casual work, the availability of credit, plus a range of other factors such as less stable incomes and fewer assets had created new challenges for younger people.

"School and university leavers who are probably thinking about their finances for the first time should develop good savings habits early in life by preparing and sticking to a budget," Ms Dale said.

"The most important thing for younger people to learn is how to prioritise their spending so they can afford to buy the things they really want or need. They'll be set for life if they start good habits now."