More young people believe that the financial impact of the COVID-19 pandemic has placed the “Great Australian Dream” beyond their reach, according to a recent survey.
Almost 70% of the 1,000 Gen Z and Gen Y participants in a recent ME Bank survey said that the pandemic-induced recission has made the goal of owning a dream home, finding a dream job, and retiring at or before the age of 65 impossible to achieve.
The survey also revealed that the recession significantly impacted the confidence of young Australians, with 84% of respondents feeling that it is considerably harder to enter the labour market, and 66% feeling uncertain about their financial future.
Moreover, an alarming 37% of respondents have admitted to living week-to-week and “struggling to keep float.”
Unsurprisingly, the prospect of purchasing a home has also been impacted by the economic crisis — and among the young Aussies striving to buy their first home before COVID-19 hit, over half (57%) indicated they would now be delaying or downgrading their real estate plans.
“This is the first recession many young Australians have experienced, and it will take some adjusting to,” said Andrew Bartolo, general manager home loans at ME Bank.
“The reality is that some goals like travelling overseas or saving for a house deposit have sadly been put on hold while we navigate 2020. The best thing young Aussies can do right now is not to lose hope, but reassess their goals, upskill the management of their personal finances, and seek support when they need it.”
Bartolo also said that he recognizes that the pandemic has led to “unprecedented times” and that the pressure on younger generations is mounting.
“Our goal at ME has always been to help everyday Aussies get ahead and we stand with Zoomers and Millennials to help ensure the ‘Great Australian Dream’ can be a reality for them,” he said.