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.”