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

Entitled? Lazy? Not so much.

According to a new study of over 5000 Australians aged 18-29, the average Gen Y's finances are more likely to be in the black than the red.

Freemantle Media

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

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.

2. Not to mention house price inflation, with the median house price in Sydney set to hit $1 million by the end of the year.

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

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- 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.

5. Basically, if you're a Gen Y, you're most likely to be well off if you're a man in your mid-twenties who lives in the city, works full time, and has a degree.

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6. A whopping 93% of Gen Y has money saved right now, with the average young Aussie holding $8,271 in the bank.

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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.

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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.

9. However, half of all 18-29 year olds have at least some personal debt (not including mortgages or higher education debt).

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10. And those with responsibility – with kids, in couples, working full time – tend to have higher debt than those without.

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11. But the biggest concern for Gen Y right now is buying a home. Or, more specifically, never being able to.

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Just under nine in ten 18-29 year olds don't think they'll ever own a home.

12. The majority of 18-29 year olds who do actually own property got a bit of help from mum and dad.

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Parents assisted 62% of first home buyers and 70% of people with an investment property.

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

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

14. And men aged 18-29 have way more disposable wealth than women.

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On average, women have $1752 and men have over three times that at $5,705.

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.

Basically, Generation Y is stressed about debt and working hard, but will probably have less to show for it – especially women and people from the country.

Fox