back to top

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

Entitled? Lazy? Not so much.

Posted on

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.


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.


- 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.


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.


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


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.


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.


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


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.


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