The idea of young Australians as financially naive smashed avo-eaters has been dashed, with research showing more than a quarter would delay starting a family to own their own home.
The results were revealed in a national survey from Bankwest, which showed millennials not only believed in the Great Australian Dream but were willing to make big sacrifices to achieve it.
More than a quarter (27.1%) of young Australians said they would put off having children to afford their own home, while one-in-five (21.8%) were willing to give up basic necessities.
And, in a blow to the stereotype, more than half of millennials surveyed would sacrifice little luxuries (57.7%), experiences (56%) and big-ticket items (55.3%) to get on the property ladder.
More than a quarter (27.8%) of young Australians were even willing to sacrifice their independence to enter the housing market by living with parents or family for longer.
The cohort also defied property price and cost-of-living pressures to be among the most likely to believe in the Great Australian Dream of home ownership and that it was achievable for them.
However, only one-in-five (19.9%) admitted to knowing exactly how much they needed for a deposit, while a similar number (20.1%) said they made a savings plan but failed to stick to it.
Bankwest General Manager Personal and Third-Party Banking Donna Dalby said: “These results are really promising and paint a very different picture of young Australians to the one we usually hear.
“This is not a bunch of carefree kids ignoring the future for an indulgent moment; this is a group of people who have financial goals they want to achieve and are willing to sacrifice big to do that.
“Home ownership may be a daunting prospect for some aspiring homeowners, but we know there are options available to those who are willing to make choices or trade-offs.
“Owning your own home is a key moment in life and it’s important we do all we can to make that process as simple and transparent as possible, and help customers achieve their dream.”
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Hold the smashed avo - young Australians are dreaming big
17 February 2020
Survey findings
|
Millennial (23-38yo) |
Gen X (39-53yo) |
Baby Boomer (54-73yo) |
Overall | |
|---|---|---|---|---|
|
Yes
|
46.6%
|
36.5%
|
43.0%
|
45.3%
|
|
Maybe
|
31.9%
|
40.3%
|
39.9%
|
35.7%
|
|
No
|
21.5%
|
23.1%
|
17.2%
|
19.0%
|
Do you believe the Great Aussie Dream of owning your own home still exists?
Millennial
(23-38yo)
Gen X
(39-53yo)
Baby Boomer
(54-73yo)
Overall
Yes
46.6%
36.5%
43.0%
45.3%
Maybe
31.9%
40.3%
39.9%
35.7%
No
21.5%
23.1%
17.2%
19.0%
|
Millennial (23-38yo) |
Gen X (39-53yo) |
Baby Boomer (54-73yo) |
Overall | |
|---|---|---|---|---|
|
Yes, it's easily achievable for me
|
6.3%
|
0.0%
|
3.1%
|
4.2%
|
|
Yes, but it will be challenging to achieve
|
25.7%
|
10.5%
|
6.8%
|
17.0%
|
|
Maybe, but it's getting harder to achieve
|
29.5%
|
30.2%
|
10.3%
|
26.3%
|
|
No, it's not achievable for me right now
|
19.7%
|
25.8%
|
24.5%
|
23.2%
|
|
No, it will never be achievable for me
|
18.7%
|
33.5%
|
55.2%
|
29.3%
|
Do you believe home ownership is achievable for you?
Millennial
(23-38yo)
Gen X
(39-53yo)
Baby Boomer
(54-73yo)
Overall
Yes, it's easily achievable for me
6.3%
0.0%
3.1%
4.2%
Yes, but it will be challenging to achieve
25.7%
10.5%
6.8%
17.0%
Maybe, but it's getting harder to achieve
29.5%
30.2%
10.3%
26.3%
No, it's not achievable for me right now
19.7%
25.8%
24.5%
23.2%
No, it will never be achievable for me
18.7%
33.5%
55.2%
29.3%
|
Millennial (23-38yo) |
Gen X (39-53yo) |
Baby Boomer (54-73yo) |
Overall | |
|---|---|---|---|---|
|
Yes, and more so than other generations
|
50.0%
|
50.0%
|
45.0%
|
47.8%
|
|
Yes, but no more than other generations
|
30.2%
|
30.6%
|
41.9%
|
35.6%
|
|
No, it is possible to live how you want and still afford a home/save for a deposit
|
12.3%
|
9.2%
|
5.6%
|
8.2%
|
|
No, home ownership today is beyond reach for most young Australians, no matter how much they sacrifice
|
7.6%
|
10.2%
|
7.5%
|
8.4%
|
Considering today's property market, do you think younger generations (such as Millennials) need to make sacrifices to afford their own home?
Millennial
(23-38yo)
Gen X
(39-53yo)
Baby Boomer
(54-73yo)
Overall
Yes, and more so than other generations
50.0%
50.0%
45.0%
47.8%
Yes, but no more than other generations
30.2%
30.6%
41.9%
35.6%
No, it is possible to live how you want and still afford a home/save for a deposit
12.3%
9.2%
5.6%
8.2%
No, home ownership today is beyond reach for most young Australians, no matter how much they sacrifice
7.6%
10.2%
7.5%
8.4%
|
Millennial (23-38yo) |
Gen X (39-53yo) |
Baby Boomer (54-73yo) |
Overall | |
|---|---|---|---|---|
|
Family (waiting longer to have children)
|
27.1%
|
21.1%
|
15.4%
|
20.5%
|
|
Independence (living with parents/family for longer)
|
27.8%
|
24.1%
|
13.8%
|
21.3%
|
|
Experiences (going on fewer, less extravagant, or even no holidays)
|
56.0%
|
63.5%
|
66.3%
|
62.1%
|
|
Necessities (heating/cooling my home, some meals or groceries, new clothing)
|
21.8%
|
24.5%
|
16.8%
|
20.6%
|
|
Little luxuries (going without coffees, bought lunches, weekend breakfasts, take-away, subscriptions and/or streaming services)
|
57.7%
|
61.6%
|
58.8%
|
57.9%
|
|
Big ticket items (new appliances / gadgets, car)
|
55.3%
|
63.8%
|
62.3%
|
58.2%
|
|
Nothing
|
10.0%
|
9.7%
|
11.5%
|
11.2%
|
What are, or were, you willing to sacrifice to enter the housing market?
Millennial
(23-38yo)
Gen X
(39-53yo)
Baby Boomer
(54-73yo)
Overall
Family (waiting longer to have children)
27.1%
21.1%
15.4%
20.5%
Independence (living with parents/family for longer)
27.8%
24.1%
13.8%
21.3%
Experiences (going on fewer, less extravagant, or even no holidays)
56.0%
63.5%
66.3%
62.1%
Necessities (heating/cooling my home, some meals or groceries, new clothing)
21.8%
24.5%
16.8%
20.6%
Little luxuries (going without coffees, bought lunches, weekend breakfasts, take-away, subscriptions and/or streaming services)
57.7%
61.6%
58.8%
57.9%
Big ticket items (new appliances / gadgets, car)
55.3%
63.8%
62.3%
58.2%
Nothing
10.0%
9.7%
11.5%
11.2%
|
Millennial (23-38yo) |
Gen X (39-53yo) |
Baby Boomer (54-73yo) |
Overall | |
|---|---|---|---|---|
|
I knew exactly how much I needed when I started saving
|
19.9%
|
26.2%
|
27.4%
|
25.9%
|
|
I had a rough idea how much I would need when I started saving
|
58.4%
|
53.5%
|
53.8%
|
53.2%
|
|
I had no real idea how much I would need when I started saving
|
21.7%
|
20.3%
|
18.9%
|
20.9%
|
When you decided to start saving for a home deposit, did you know how much you needed to save?
Millennial
(23-38yo)
Gen X
(39-53yo)
Baby Boomer
(54-73yo)
Overall
I knew exactly how much I needed when I started saving
19.9%
26.2%
27.4%
25.9%
I had a rough idea how much I would need when I started saving
58.4%
53.5%
53.8%
53.2%
I had no real idea how much I would need when I started saving
21.7%
20.3%
18.9%
20.9%
|
Millennial (23-38yo) |
Gen X (39-53yo) |
Baby Boomer (54-73yo) |
Overall | |
|---|---|---|---|---|
|
I made a savings plan and stuck to it
|
41.3%
|
45.5%
|
45.4%
|
44.8%
|
|
I made a savings plan, but wasn't able to stick to it
|
20.1%
|
12.4%
|
4.9%
|
11.7%
|
|
I didn't have a savings plan, I just put away what I could, when I could
|
31.2%
|
35.0%
|
42.1%
|
36.4%
|
|
I didn't need a savings plan, as I had financial assistance from my family / others
|
7.4%
|
7.1%
|
7.6%
|
7.1%
|
How are/did you approach saving your deposit?
Millennial
(23-38yo)
Gen X
(39-53yo)
Baby Boomer
(54-73yo)
Overall
I made a savings plan and stuck to it
41.3%
45.5%
45.4%
44.8%
I made a savings plan, but wasn't able to stick to it
20.1%
12.4%
4.9%
11.7%
I didn't have a savings plan, I just put away what I could, when I could
31.2%
35.0%
42.1%
36.4%
I didn't need a savings plan, as I had financial assistance from my family / others
7.4%
7.1%
7.6%
7.1%
About Bankwest
Bankwest’s vision is to deliver brilliant customer experiences that matter, and our purpose is to improve the financial wellbeing of our customers and communities. Bankwest provides personal and business banking solutions for more than 1.1 million customers across Australia. Our customers enjoy access to an extensive network of branches and business centres, direct and third-party distribution channels, agencies and electronic banking facilities, as well as 24-hour banking on the telephone, internet and the Bankwest App. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.
About the survey
The data in this release was captured as part of a national survey commissioned by Bankwest. Research was carried out by CoreData, which conducted a quantitative online survey that was designed with input and approval from Bankwest prior to fieldwork commencing. All fieldwork was conducted from 5-8 November 2019. CoreData was responsible for distributing and hosting the survey, which collected a total of 1729 valid responses.
Bankwest’s vision is to deliver brilliant customer experiences that matter, and our purpose is to improve the financial wellbeing of our customers and communities. Bankwest provides personal and business banking solutions for more than 1.1 million customers across Australia. Our customers enjoy access to an extensive network of branches and business centres, direct and third-party distribution channels, agencies and electronic banking facilities, as well as 24-hour banking on the telephone, internet and the Bankwest App. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.
About the survey
The data in this release was captured as part of a national survey commissioned by Bankwest. Research was carried out by CoreData, which conducted a quantitative online survey that was designed with input and approval from Bankwest prior to fieldwork commencing. All fieldwork was conducted from 5-8 November 2019. CoreData was responsible for distributing and hosting the survey, which collected a total of 1729 valid responses.
