‘No way’: Proof Gen Z going backwards

Gen Z might confuse older Aussies but there’s sad trend that has taken off and is holding them back in ways previous generations avoided.

Young Australians are putting off major milestones such as getting married or moving in with a partner because they can’t afford to.

New research has shown the cost-of-living crisis is affecting more than the younger generation’s bank accounts; it is changing the timeline of Gen Zer’s adult lives.

About 25 per cent of young Australians have admitted living costs have significantly impacted their ability to move in with a partner.

Similarly, 45 per cent shared those costs have significantly impacted their ability to own a home, and 32 per cent said it had impacted their plans to get married.

The findings are part of the Body+Soul 2024 Sex Census, which surveyed more than 2000 Australians over the age of 18.

The survey found 81 per cent of Gen Zers could not afford to travel with their partner, compared with 80 per cent of Millennials, 76 per cent of Gen Xers and 66 per cent Boomers.

Almost two-thirds (65 per cent) of those under the age of 27 said financial pressures have impacted their ability to find or meet a future partner, while 68 per cent those already in a committed relationship said they could not afford an engagement ring.

More than 70 per cent of Gen Z said they could not afford a wedding, compared to just 30 per cent of Boomers.

Annie Knight didn't move out until she was 24. Picture: Instagram/AnnieKnight

Despite having a job, she couldn’t afford to move out on her own Picture: Instagram/AnnieKnight

Body + Soul editor-in-chief Jacqui Mooney said money and cost of living was a key area of the survey.

“Cost-of-living pressures, along with money-related stress, is one of the most significant social trends we see having an impact on Aussie’s sex lives and relationships,” she said.

“But, as our respondents clearly told us, it’s particularly acute for the younger generation who are having to delay or forgo things seen as traditional rites of passage by their parents.”

Annie Knight knows what it is like to have money dictate your future. Just three years ago, she was 24, earning $60,000 per year, and unable to afford to move out of home and live by herself or with any romantic partner.

“I was barely saving any money even living at home. There was no way I could pay for rent on top of that,” Ms Knight told news.com.au.

Ms Knight was at a point in her life where she was meant to be independent and move forward with romantic relationships, but instead, she was living with her parents.

It didn’t matter that she had a solid job in marketing in Melbourne – she couldn’t afford independence.

Ms Knight, now 27, is completely financially independent, but she’s noticed that people her age aren’t moving forward.

“I know people who are 27 and still living at home. It’s become way more normalised,” she said.

She’s noticed a grim trend among her peers: people are putting off future plans because they can’t afford them.

“I definitely think the cost-of-living crisis is preventing people from moving forward in life,” she said.

Ms Knight said Gen X and Baby Boomers were buying houses in their 20s and having children, but she’s noticed that most people can’t afford to do that around her age.

“My generation financially can’t afford to do that in this day and age with all the financial pressures,” she said.

Finder financial expert Richard Whitten said that young people just aren’t hitting milestones at the same rate as previous generations.

“When it comes to hitting major life milestones in Australia, 30 is the new 20, 40 is the new 30,” Mr Whitten told news.com.au

“It’s just so expensive to move out of home, buy a house, have a child, and do all the things we consider major life events. So Australians do them later,” he said.

More than 70 per cent of Gen Z said they could not afford a wedding.

Mr Whitten said young people are slower to forge their own way because of the cost of living crisis.

“The soaring cost of housing, particularly in cities, has made it difficult for young adults to afford their own place. This has led many to delay or give up homeownership, opting to stay with their parents as a more affordable alternative,” he said.

“Society’s attitudes towards independence have also evolved, with more young adults seeing living with their parents as a temporary phase rather than a sign of failure.”

The financial expert said he only has to look at his own family to realise how much has changed.

“It’s a different world now. And a different economy. My grandfather supported a wife and 4 kids on one income. My parents left home at 18 and went to work and university. I left home at 22 after graduating but then moved back for a couple of years to save for a house. I have no idea how old my son will be when he moves out,” he said.

Originally published as ‘No way’: Proof Gen Z going backwards