The idea of young Australians as financially naïve smashed avo eaters has been dashed by a national survey from Bankwest. The results reveal that millennials are willing to make big sacrifices to achieve their home ownership dream.
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Hold the smashed avo – millennials want home ownership
Young Australians are willing to make sacrifices
More than a quarter (27.1%) 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.
More than half of millennials surveyed would give up little luxuries (57.7%), experiences (56%) and big-ticket items (55.3%) to get on the property ladder. And more than a quarter (27.8%) were willing to sacrifice their independence by living with parents or family for longer.
“These results are really promising and paint a very different picture of young Australians to the one we usually hear,” says Bankwest's former General Manager Personal and Third-Party Donna Dalby. “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.”
Overcoming the hurdles
According to the survey, only one-in-five admitted to knowing exactly how much they needed for a deposit, while a similar number (20.1%) said they had made a savings plan but failed to stick to it.
But while Donna admits that “property prices – particularly on the east coast – and cost-of-living pressures have combined to make home ownership a daunting prospect for many,” she nonetheless points out that “we know there are options available.”
Making the dream a reality
“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,” says Donna.
To help first home buyers understand the process and overcome common hurdles like getting that deposit together and sticking to a savings plan, we’ve put together a checklist that includes guides, tools and tips all in one place.
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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.
The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.
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.
The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.