YOUNG Australians are so connected to their devices these days that they would rather lose their wallet, or hand it over to a thief, than part with their smartphone.

A nationwide survey of 2005 respondents by Finder.com.au found that 51 per cent of Gen Y Australians regarded their smartphones as more important than their wallets; compared to just 33 per cent of Gen X and 12 per cent of Baby Boomers.

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The trend suggests smartphones are on track to one day replace wallets altogether, while also highlighting the dependence younger generations have on tech, according to Alex Kidman, tech spokesman at Finder.com.au.

“As a generation that’s grown up totally immersed in technology, Gen Ys are naturally more aware of what’s on their phones and the risks involved in losing their devices,” Mr Kidman said.

Interestingly, the replacement cost was what concerned respondents the most about losing their phone, followed by the more serious scenario of identity theft and, of course, losing all the details of friends and contacts.

“Phones are expensive with some costing as much as $1200 outright,” Mr Kidman said.

While Gen X respondents were mainly worried about identity theft and costs; and Baby Boomers were concerned for contact details and costs; Gen Y had a different priority altogether … losing all their photos.

“For many, smartphones are their only camera,” Mr Kidman said. “Credit cards can be replaced but unless your phone’s backed up, memories can disappear forever.”

Security of personal finances and banking apps were the second biggest concern for millennials, who are the most likely generation to live their lives online.

“Phones are slowly starting to render many of our devices, right down to our wallets, pointless,” Mr Kidman said. “If they are lost or stolen the same risks of a traditional wallet still apply. In the instance your phone is stolen, change your passwords and disconnect any phone banking from that mobile to make sure you avoid any unsolicited spending sprees.”

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Finder.com.au has the following tips for what to do if your phone is stolen:

1. Cancel your phone banking

Most phones are password protected, but disconnect any phone banking apps and remove saved credit and debit card details. You can do this by calling your bank or logging onto your online account.

2. Let your telco know

Let your plan provider know as soon as it’s missing and avoid bill shock from any overseas or other calls made by a thief or opportunistic passer-by.

3. Change your passwords

Change the passwords of all social media accounts you’re logged in on.

4. Use phone-finding features

Most smartphones have a GPS tracking app. If you make sure to have this switched on, as well as your mobile data, you can login to an iCloud account and track its whereabouts.