Latest news with #youngAustralians
The Guardian
16 hours ago
- Business
- The Guardian
Five ways Australians' spending, housing and dating habits have changed over the last 25 years
The way Australians live has changed in the last 25 years, as soaring house prices have forced some young people to live with parents longer, and others to move rentals more often. New research from the e61 Institute breaks down why some Australians are more reluctant to move house, while consulting firm KPMG has looked at how household spending has changed by generation. Each explored data from the Australian Bureau of Statistics (ABS). Here are five ways Australians' lifestyles have changed – and how it's affecting the housing crisis. Fewer Australians are moving house as often as they did before the 2000s, mostly because young people are more likely to live with their parents, e61 research found. This is linked to more 18 to 24-year-olds trying to save money, potentially for a deposit, before moving out. Sign up for Guardian Australia's breaking news email The trend of living in the family home for longer is also because fewer young people are in relationships, says Nick Garvin, research manager at e61. 'It is possible that housing costs are contributing to this drop in moving out with partners, but we are also seeing a general drop in the number of 18 to 24-year-olds that have a partner at all.' The percentage of young men and women living with parents increased from 53% and 42%, respectively, in the 1990s to 60% and 53% by the early pandemic years. Younger Australians entering the workforce are prioritising living on their own, rather than with partners or in share houses, meaning their spend on furniture has increased. Households headed by 25 to 34-year-olds spent an extra $2,161 each year on appliances and furniture in 2024, compared to 2014, according to KPMG. Homewares spending rose as a share of that age group's budget, accounting for inflation, according to KPMG urban economist Terry Rawnsley. 'Ten years ago, young people were more likely to be living in a share house and so would be sharing a fridge,' Rawnsley says. One-person homes accounted for more than 20% of all 25 to 34-year-olds' households in 2024, up from 15% a decade earlier, boosting spending at furniture giants like Temple and Webster. Rents took up a smaller average share of young households' spending in 2024 than 2014, as people moved away from shared living to smaller one-bedroom apartments with cheaper overall rents, KPMG found. Falling home ownership and rising rents have forced a growing share of young families to move around more often. The share of 25 to 44-year-olds moving home in the last 12 months has risen since 2011, in line with the rising share of people who don't own their own home, e61's analysis of census data found. Garvin says rapid price growth over the 2010s forced younger households to wait longer to save up deposits. Ongoing high prices could see yet more young workers move more often in coming years, he says. 'Renters move far more frequently than homeowners do, so that appears to be what's driving the pickup since 2011.' Millennials have worse access to housing and a smaller proportion own their own home than gen Xers did at the same age in 2014, ABS data shows. But those in the 35 to 44-year-old cohort in 2024 are on average spending $12,000 more to pay off home loans than their predecessors did a decade ago, KPMG found. 'There's lower home ownership, but the people who are getting into [homes] are spending more and more of their incomes on housing,' Rawnsley says. Older Australians with little to no mortgage debt and growing incomes have faced less pressure from the changing cost of living and instead picked up their spending on luxury goods. Growing numbers of Australians with ongoing work and tertiary qualifications moved into the 55 to 64-year-old bracket from 2014 to 2024, ABS data shows. Separate data shows the median 55 to 64-year-old household's wealth rose from $1m to more than $1.3m from 2014 to 2022. Rising incomes have gone straight to nonessential purchases such as recreational goods, KPMG says. Alcohol and cigarettes grew as a share of total expenditure for households in the 55 to 64-year-old group, while all other groups between the ages of 25 and 54 cut back, KPMG found. Older workers also dedicated more money to dining out, takeaway meals, clothing and footwear. 'These are people who've paid the mortgage off largely, they've got the kids out the door in a lot of cases, and they have that disposable income,' Rawnsley says. 'The younger baby boomers or the older [gen] Xers who might see themselves as having a treat of getting some designer footwear [are upgrading] from just having something on the rack to put on every day.'
News.com.au
6 days ago
- Business
- News.com.au
Report reveals surprising new truths about Gen Z
They're more purpose-driven, politically aware, and emotionally tuned-in than ever before – but not in the way you'd think. A new report has lifted the lid on the inner workings of Gen Z in 2025, and it paints a picture far deeper than the overused avocado on toast stereotype. The Gen Z Wellbeing Index 2025 has revealed the subtle but powerful ways young Australians are reshaping their identities, values and mental health in an increasingly uncertain world. And some of the biggest changes are happening under the surface. On one hand, Gen Z is growing up. The report by online youth site Year13, and Scape – the biggest purpose-built student accommodation owner and operator in Australia – found there has been a marked rise in internal resilience, with more young people reporting a stronger sense of purpose and passion for hobbies. But on the other hand, their outer world is rattling them more than ever. Prominent issues such AI, political division, climate change and inequality are increasingly on their radar – and not just in a scroll-past it way. Year13 Co-Founder Will Stubley told young Australians are under increasing pressure. 'We can see the rising concerns of climate change, war and Artificial Intelligence sit alongside the perennial problems of youth like figuring out their future, fatigue and burnout,' Mr Stubley said. 'Figuring out their future in particular continues to be the most widespread problem for youth. 'As industries and technology are evolving and the cost of living stays high, many Gen Zs are feeling even more pressure to make the right decisions about their future,' he said. 'They want to know opportunity lies ahead of them but with so much change going on around us it means it's never been more important to show young people how they can fit into the modern world. 'The data shows a clear need for greater support around the transition from school to work as young people seek out future-focused pathways to give them secure careers. If we want to improve wellbeing we need to improve their readiness for the workforce,' Mr Stubley said. Gen Z is paying attention, and they're feeling it. The emotional toll is showing up in real terms, with OCD diagnoses on the rise, and major stressors such as education, unemployment and politics taking centre stage in their lives. Even politics, once a background noise for many, has doubled in prevalence as a reported wellbeing stressor. Concern about societal and political division has doubled from 22 per cent last year to 44 per cent today among young people, while it nearly doubled for Artificial Intelligence (42 per cent, up from 24 per cent) as well. Western Australian teen Milla Penberthy believes these external factors are definitely taking a toll on her generation. 'Most of us are a very progressive group of people and we are pushing for these rights,' the 18-year-old told Despite AI being a major concern for her peers, Ms Penberthy believes we should learn to work with it rather than fear it. 'It is such a helpful thing to have in our lives. I can see where the fear comes from become it's such a new concept, but we just need to remember that it's there to help us,' she said. Lyvia is an international student from Malaysia who has been living in Australia for three years. The 24-year-old said that as an international student she has to 'be updated on the political side of things.' 'Especially when it comes to things about my visa. You need to be watching to see what's changing and what's being removed,' she told Both Ms Penberthy and Lyvia said financial stress is at the forefront of their minds as they navigate living away from home. 'Obviously the cost of living in Sydney is very bad at the moment. So that's definitely a contributing stress factor,' Ms Penberthy said. In their quest to cope, Gen Z is diversifying their toolkit – swapping bar nights and fitbits for memes, listening to music and music. Screen based distractions such as gaming and social media are still big, but a noticeable swing towards non-digital self-soothing is on the rise. Lyvia told she founds comfort from the stressors of daily life with movies, and in her first year of her university studies enjoyed going swimming and volunteering, but said these days she is studying and working so much that she can't find the time for them. Ms Penberthy said she prefers to self-soothe offline, making sure she has time to pursue her love for netball and swimming. 'I love netball and swimming. I try to get myself out of my room at least once a day doing some form of exercise,' she said. Here's the curveball: Young Aussies are drinking and vaping significantly less. The number who never touched alcohol has jumped from 13 per cent to 22 per cent, and daily vaping rates have nearly halved. It's a fay cry from the doom-and-gloom headlines that once painted them as lost in a haze of nicotine and cheap savvy b. 'With all the new research that's coming through about how bad alcohol and vaping are, our generation seems to be realising that we need to stop doing it or decrease our use,' Ms Penberthy said. 'People are definitely becoming more aware.' However, confidence levels remain strikingly low, especially when it comes to self-image, with just 3 per of the broader Gen Z population reporting feeling 'extremely confident' about their looks. Interestingly, not all young Aussies are faring the same. Scape residents, according to the report, are the standouts – reporting better sleep, stronger mental health, and more energised morning than their national peers. Only 6 per cent reported poor mental health, compared to 17 per cent of the broader population. For all changes however, some things haven't budged. Young Aussies still aren't eating enough fruit and veggies, and sleephabits remain stuck – 78 per cent identifying as night owls, with phones, stress and anxiety keeping them awake. Perhaps most telling is what hasn't changed at all: the ever-present pressure of 'figuring out my future.' In a world that's changing fast, that looming question still hangs heavy over Gen Z's heads. Bottom line? Gen Z isn't spiralling – they're evolving. Quietly quitting the chaos, they're creating new paths to resilience, questioning the status quo, and taking their mental health more seriously than ever. But the pressure of an unstable world continues to shadow their progress. And while some might still dismiss them as chronically online or 'too sensitive', the data shows something else entirely: my generation might just be the most self-aware – and socially conscious – we've seen yet.
Daily Mail
12-06-2025
- Business
- Daily Mail
The big change to superannuation 'all young Aussies' should fear
Millionaire and entrepreneur Mark Bouris has warned young Australians will be the hardest hit by Labor's proposed tax hike on superannuation. The Albanese government plans to double the tax on superannuation balances above $3million from 15 to 30 per cent from July 1. Labor expects the hike, which will also apply to unrealised gains, to only affect an estimated 80,000 people or 0.5 per cent of the population. Mr Bouris said young Australians should be wary of the proposal given they stand to be denied the same tax conditions that benefited older generations. 'Every young person in the country should be worried about this, and I'll tell you why,' he said on his Mentored Plus podcast. 'Because every old person in the country has experienced building their superannuation up with only 15 per cent tax rate from day one, for the last 30, 40 years. 'We've had this, all of us had this fantastic low-tax situation with the money we earn in our super fund,' he said, adding young people 'will not have the same benefits'. Bouris dismissed the idea that young people stand to gain as older Aussies look to withdraw and gift their savings to avoid paying the higher tax. 'If you're a young person now and you're saying: "Oh this is great, because the rich people are going to transfer the wealth across to the younger people", you will be transferring it to your kids and it's going to keep going like that forever.' Mr Bouris said former Prime Minister Paul Keating, who oversaw the introduction of compulsory superannuation in Australia, must feel 'completely demoralised'. 'All this is going to do is put more strain on the government because people are not going to retire with enough money because they're paying too much tax,' he said. The Greens want the threshold to be lowered to $2million and indexed to inflation while deputy Liberal leader Ted O'Brien has ruled out any compromise. O'Brien suggested the Coalition would be open to a deal on the tax hike if Labor agreed not to tax unrealised gains - but has since taken a harder approach. 'Labor's super tax - it's super big, it's super bad. It flies in the face of what we believe as a Coalition,' O'Brien told Sky News last week. 'We will definitely, as a Coalition, oppose this unfair super tax of Labor's every step of way. Every step of the way.' The 30 per cent tax rate would only apply to the value of a super account over a $3million threshold, while the 15 per cent rate would continue below that amount. Industry groups have warned the threshold, which will not be indexed to inflation, will capture an increasing number of Aussies in line with rising costs and wages. Modelling from Treasury and the Grattan Institute estimated one in ten Australians will have super balances over $3million by the 2050s. Treasurer Jim Chalmers last week said the proposal had undergone multiple rounds of consultation and would not undermine superannuation tax concessions. 'We provided years of opportunities for people to suggest different ways to calculate that liability and nobody has been able to come up with one,' he said. Labor, which does not have a majority in the Senate, will need to work with the Greens or the Coalition to get the proposal over the line.
Daily Mail
08-06-2025
- Lifestyle
- Daily Mail
I moved to regional Australia because I thought it would be easier than living in a big city... but here's why it's not working out
A young woman struggling with the cost-of-living crisis has revealed how moving to the country for a cheaper lifestyle has backfired as there are no jobs available. Larissa, 28, said her conception of a hardworking but comfortable life had been shattered by the current economic conditions. She said in a TikTok video life was tough for those in their 20s and 30s and she often wondered 'what is the point?' She said many young Australians had been sold the idea they could go to university, get a degree and get a good job before being set for life. 'And that job is meant to pay for a house and maybe a holiday once a year, and maybe you'd have some kids,' she said. 'And that's like not happening now and you're kind of just like, what's the actual point of anything?' Larissa said she thought, by her age, she might have 'a three-bedroom house' and be 'thinking about kids and maybe be successful' in her career. The disgruntled Aussie was interrupted by a sound in the background of the video, saying it came from her landlord's grandchildren because she lived in a 'tiny studio'. 'And no, I don't live in Melbourne or Sydney. I moved regional to try and save money and there's no jobs out here,' she clarified. 'Anyway, it's kind of just made me reassess my whole life. Like what am I doing? Should I just go travelling? 'I'm the type of person to plan everything but I'm just kind of feeling like f*** it. Do I just do what makes me happy?' More than 3,000 social media users weighed in, many saying they felt similar impulses. 'We have a doctor and lawyer in the family and they can't afford houses in Sydney where they work,' one commiserated. '(I'm) in my 30's, I'm the highest paid person in my extended family, minimal debt, in secure employment and it's miserable,' another said. 'I still cant buy a house – local or regional – so we're using money to travel and see the world.' 'That's exactly where we are at. We are miserable in Australia at the moment,' a third wrote. 'I'm 27 with a degree and living in a studio too, working full time and just spent my Sunday morning on Seek applying for weekend work,' one woman agreed. 'Median wage is $75,000 average rent is over $700 a week. The country is cooked,' another added, quoting Sydney unit rental averages. Another added simply, 'Australia is broken'. 'It's a mince meat, cask wine future,' another joked. Others, however, offered some harsher advice. 'I'm mid 40s. I felt like that in my 20s. It's called being in your 20s,' one wrote. ''Should I just go travelling?' There's your problem,' another said. 'If you are 28 and you don't have at least 80k in your bank account to use as a deposit and or a career that will enable you to get a loan of $650k then it's your fault you are where you are now at 28.'
News.com.au
03-06-2025
- Business
- News.com.au
‘I had no knowledge of how to save or buy a house': 21-year-old's huge housing win
Buying a house is an achievement for anyone, but for one young Australian woman, it was about breaking a viscious financial cycle she has been in her entire life. Jessie, 21, grew up in a housing commission, and when she bought her first home, she was overwhelmed with a sense of achievement. There was no bank of Mum and Dad to help her buy a property, and everything she learned about savings and finance began with her. 'I came from nothing and made something so special happen,' she told Getting ahead financially without inherited wealth is a huge feat, according to financial comparison website Finder, with 44 per cent of investors receiving parental support compared to 29 per cent of non-investors. Interestingly, 10 per cent of investors credited marrying well or receiving an inheritance as the primary factor behind their net wealth. Jessie, alongside her partner, saved a combined $73,000 to buy their first home together in the regional city of Bathurst in NSW. 'Growing up in housing commission, I had no knowledge of how to save or buy a house,' she explained. The 21-year-old said that it wasn't until she met her partner and his family that she was 'introduced to the idea of buying a home,' and in the beginning, it felt like an incredibly overwhelming goal. Jessie said a big factor in helping the couple save for their house deposit was living with her partner's parents rent-free for a period of time. It wasn't a quick fix, though. The 21-year-old is studying to become a paramedic and is balancing work and study, so it wasn't as simple as working herself to the bone to earn extra cash. She had to learn to save what she'd always been earning. 'Every fibre in me wanted to give up and just rent but I pushed through and eventually saved enough,' she said. 'Now I have a home I can call mine and won't worry about moving every months. It is so special.' Jessie said she contributed $23,000 to the deposit, and it took her over a year to save up and was a constant struggle. 'The shift for me was hard I struggled constantly and kept dipping into it for things I needed,' she said. 'I'm very fortune enough to have a job that pays well. I learnt to put away $1000 a fortnight out of my pay cheque.' Jessie explained that she'd only ever known how to live pay cheque to pay cheque, and she had to shift her mentality. A turning point for the young homebuyer was once she hit $5000 in savings. She started to enjoy watching her savings account grow. 'I hated seeing it dip under!' I learnt to love seeing my money grow,' she said. One big thing that helped the 21-year-old along the way was enforcing some accountability. 'If I could give any tips, it helped early on when I struggled with spending it to put it in a double sign account at the bank and have someone who you can trust come in and co-sign,' she said. 'Meaning you can't take money out of that savings account unless you and the co-signer go into the physical branch to get it out.' Jessie added that she was 'grateful' to grow up in housing commission because it has taught her to appreciate what she has now. Online, Aussies were genuinely thrilled for the young homeowner and were quick to acknowledge her hard work. 'You inspire me so much. I'm currently living in that pay cheque to pay cheque life,' one wrote. 'I'm so proud of you,' another said. 'Your younger self must be so proud,' one noted. 'Came from exactly the same thing' someone else said. 'Seriously, such an amazing achievement,' another praised. 'Congrats! I come from similar circumstances and purchased my home at 43,' one said.
