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This Is Why Generation Y Probably Won't Be Able To Buy A House

Entitled? Lazy? Not so much.

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However, there are big disparities between various demographics, and a lot this generation has to stress about. Here's what you need to know:

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1. There's a bunch of economic challenges facing Australians aged 18-29 in the coming years.

HBO

Like increased unemployment, a move towards austerity government, the ageing population, and the end of the resources boom. Just to name a few.

3. Even though people think of millennials as entitled, they're actually really worried about their financial future.

NBC

- Eight in ten are worried about mortgage debt.

- Eight in ten are stressed about having enough money in retirement.

- Three quarters are troubled they won't have enough money to raise kids.

- Seven in ten are concerned about debts incurred from studying.

4. And as a result, Gen Y is pretty fiscally conservative.

A24

Rather than spending big and worrying about it later, a lot of 18-29 year olds have short term (80%) and long term (65%) savings goals. They also have an aversion to debt.

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7. Even though lots of people think Gen Y is lazy, the reason they're able to save is because they work. A lot.

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70% of all 18-29 year olds work full time or part time, along with over half of all tertiary students.

8. Plus, Gen Y is pretty savvy when it comes to cutting costs around the home.

Bravo

Over 60% of 18-29 year olds make meals at home, buy groceries on special, delay upgrading technology, and avoid going out in order to save money.

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13. Generation Ys from regional and rural areas are *significantly* poorer than their city counterparts when it comes to their net financial position.

Universal

Nationally, Gen Ys from regional areas have $157 in disposable wealth compared to city folk's $5928 – approximately 38 times more.

15. Those aged 18-29 in Adelaide are also disproportionately poorer than people in other cities.

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The average disposable wealth for most city dwelling youngsters is $5928, but for those in Adelaide, it's only $585.

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