Home ownership dream feels out of reach: Fintech

According to consumer fintech Douugh’s Wealth Health research, one in three (34 per cent) of young Australians said that home ownership was their biggest financial goal, while 28 per cent said they were just trying to build an emergency fund.

However, despite the savings goals, a third of respondents were not confident that they’ll achieve their goal of home ownership.

The survey was produced through a partnership with Douugh and independent consumer research agency Antenna. A sample of 2,013 Australians aged between 18 and 32 nationwide were surveyed between 24 April and 7 May 2023.

The research aimed to highlight and understand the financial goals and pressures of young Australians.

Further findings revealed the growing uncertainty and lack of confidence among this cohort, with nine in 10 (91 per cent) being worried about their financial situation.

The top reasons the respondents cited for this pressure were rising cost of living (67 per cent), a lack of savings (37 per cent), and unexpected expenses (37 per cent).

In addition, living pay cheque to pay cheque (37 per cent), rising interest rates (34 per cent), and the climbing inflation rate (34 per cent) also play a part in financial pressure felt by this cohort.

In particular, Gen Z are concerned with the lack of income/job loss (31 per cent), not having a plan set (21 per cent), and the need for financial independence (15 per cent).

Furthermore, more than half of Australians aged 18–32 (54 per cent) said they had concerns that they will not be able to enter retirement comfortably.

Founder and chief executive of Douugh, Andy Taylor, said it’s clear Australians are grappling between short-term cost-of-living issues and long-term financial future plans.

“The ‘Australian dream’ of home ownership is almost at the point it feels unachievable for a lot of Aussies,” Mr Taylor stated.

“But it’s important we don’t lose sight of creating sound money habits in the meantime to build the necessary foundations to bring our long-term financial goals back into reach.

“Utilising a range of wealth-building strategies, investing in small but frequent intervals, and seeking professional advice if possible is going to support Aussies through this rough period without having to choose between now or then.”

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