GENERATION Ys in Cairns are planning to buy up big this Christmas and they don't care if the world is having a global financial meltdown.

The cashed-up generation of 18 to 24-year-olds who spoke to The Cairns Post yesterday admitted to not worrying about the future "at all" and wanting to spend all their money now.

"The world could blow up tomorrow and will you be happy or sad that you didn't buy that great bag?" one asked.

The sentiments are in line with a Galaxy survey of 1052 people that found 37 per cent of Gen Ys planned to spend more this Christmas than last year.

Despite the turbulent economy, Gen Y respondents said they would spend an average of $245 on their partners, $264 on a child, $65 on a friend and $220 on themselves.

This compared with the average Australian spend of $189 on partners, $196 on a child, $35 on a friend and $107 on themselves.

Jess Houghton, 22, of Parramatta Park said she had already spent more than last year.

Although she said she was trying to save to go overseas, she couldn't help spending everything she earned and would probably spend at least $1000 on Christmas presents this year.

"It's not just about me, I love buying presents for other people too," Ms Houghton said.

"I just think, forget the stuff on the news, you might as well live every single second."

Her friend Rachel Webb, 25, of Clifton Beach, said she would think nothing of spending $500 on her "best mate" and $300 on her mum …from a total Christmas budget of about $2000.

ING Direct executive director Lisa Claes, who released the survey, said the global financial crisis did not appear to have had an impact on Gen Ys.

"Gen Y have had a pretty smooth run in terms of optimism in the economy and employment cycles in the world," Ms Claes said.

"The last recession was when they were five and six years old, so they wouldn't have had a consciousness about that."

Overall, 75 per cent of Australians plan to cut back on luxuries, travel, eating out and gifts.

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