A new report has shown that Aussies would rather pay for their dream lifestyle over home ownership and hmmm I wonder why? Oh yes, because it’s damn impossible to get one.
According to Insignia Financial’s Financial Freedom Report, 55 per cent of Aussies aspire towards financial independence. This is basically when you make money without having to work a job through assets and investments.
The report also found that 50 per cent of Aussies are frothing over regular holidays, and 60 per cent want to live their dream lifestyles. The investment company reckons this was due to the COVID-19 pandemic, which had loads of folks locked in their houses for a wee bit.
Insignia Financial also claimed that 54 per cent of Aussies believe that the COVID-19 panini affected the perception of the “Australian Dream”.
“The perspective is shifting. We can’t have the big five-bedroom home, so we are adjusting what we are expecting compared to our parents and grandparents. For us it is changing, maybe it’s a smaller house, a smaller family, and cheaper cost of living,” an unnamed Gen Z source said in the report.
Insignia Financial chief executive Renato Mota told news.com.au he thought the cost of living was also to blame for the shift in priorities … I mean, duh? The struggle in the housing market is real, and don’t even get us started on renting. It’s honestly a shitshow.
“It’s clear Australians have changed their priorities in life from the traditional dream of owning a home to living their dream lifestyle, which, is under pressure from the current economic climate,” Mota said.
“Australians are deeply aware of their financial well-being because it ultimately enables them to achieve the things that matter most to them, whether that be travel or spending time with loved ones.”
Although it seems like the dream of home ownership in Australia is fading into the abyss, 63 per cent of Gen Zs still say it’s their top financial aspiration, alongside being financially independent.
As much as I like a cheeky report and being nosy about what people wanna do with their money, it honestly doesn’t surprise me that home ownership has become a lost priority amongst Aussies. As someone who is a Gen Z (or Zillenial, I lowkey don’t know where I fit help), home ownership is still definitely a priority. But damn, with the way things are going in the housing market, it’s gonna have to make way for my dream Mykonos trip.
According to The Guardian, CoreLogic data shows that if price rises are maintained for the rest of the year, home values will be 4 per cent higher in 2023, defying earlier forecasts of falls of 10 per cent.
If that does happen, I think home ownership as the “Australian dream” is gonna be on the back burner for a while.
