- 91% of young Aussies worry about their financial situation
- More than a quarter are unsure they will achieve homeownership
- More than half are concerned they will be unable to retire comfortably
A new survey from Douugh, produced in partnership with Antenna, has put the spotlight on an ever-growing uncertainty and diminishing confidence among young Australians, with a whopping nine out of 10 worried about their financial situation.
The survey, which was constructed to understand the financial goals and pressures on young Australians, revealed the rising cost of living is taking its toll on their long term goals and financial stability.
37% of participants in the survey revealed a lack of savings, unexpected expenses, and living paycheck to paycheck ranked as key barriers to financial stability.
CEO and Founder of Douugh Andy Taylor says it’s clear Australians are struggling to balance their short-term cost of living issues and their long term financial situation.
“The ‘Australian dream’ of home ownership is almost at the point it feels unachievable for a lot of Aussies,” he said.
“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.”
The report also reveals that for one in three, home ownership remains the biggest financial goal, however, more than a quarter are not confident they’ll be able to achieve it.
Moreover, over half of Australians aged 18 to 32 are concerned they won’t be able to retire comfortably.
Other key findings
A number of other key findings in the report have unearthed a multitude of financial anxieties plaguing young Australians, including:
- 91% worry about their financial situation,
- 86% agree building long term wealth is important,
- 82% are utilising savings as their wealth building strategy,
- 75% have never sought professional help or financial advice,
- 61% rate their knowledge of share investing as limited or very limited, and
- For those who aren’t investing in shares, not knowing enough about investing (62%) not knowing where to start (45%) and worrying about losing money (43%) are the top cited barriers.
But Taylor is confident that these numbers can be improved, saying, “Utilising a range of wealth building strategies, 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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