Millennial Aussies are miserable over housing affordability and financial fears
A global survey by Deloitte has found our 18-35s are the most pessimistic about the prospects for their future. No longer is this the lucky country, they say.
NSW
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MILLENNIAL Australians — those born in the so-called Gen Y years between 1982 and 1999 — are among the most miserable in the world, with housing affordability and financial fears making them believe the great Australian dream is dead.
A global survey of Gen Y residents of 30 different countries by accounting firm Deloitte has found Australian Millennials, those aged 18-35, are the most pessimistic in the world about the prospects for their future.
Many believe they have no chance of being as wealthy or happy as their parents.
“In Australia we’ve had it so good there’s a tendency for tall poppy syndrome — people think it can’t go on, it’s going to get worse. It’s a shame,” Deloitte Australia chief operating officer David Hill said yesterday.
“We’ve got a country blessed with extraordinary natural resources, relatively stable government and a relatively great health and education system — so some Millennials are taking it for granted.”
The report also revealed the Gen Ys are disgruntled with their employers — with a staggering 60 per cent saying they planned to quit their job within the next two years.
“A lot of Millennials’ parents would have been in the same job for a very long time but our society is more disposable now,” Mr Hill said.
“They think, ‘I’m not going to stick it out just to collect my pay and go home; work and life are intertwined and if it doesn’t meet my life objectives, I’m not going to compromise’.”
The report found just 8 per cent of Millennials in Australia believed they would be financially better off than their parents, and only 4 per cent believe they would be happier than them.
This contrasts with the global figure of 26 per cent of young people who believe they will be wealthier than their parents and 23 per cent who say they will be happier.
Australians also hold more pessimistic attitudes about the overall economic situation improving in the coming 12 months, with only 28 per cent of respondents expecting positive change compared with 45 per cent globally.
Mr Hill said Gen Y’s fears about the economy were not warranted, especially as Australia had consistently achieved record-breaking economic growth in the past 26 years.
“Australia’s economic performance has been simply stunning and Australia is still a relatively young country — so the young generation have never had it so good,” he said.
He said the Millennials’ negativity was being influenced by their parents’ concerns and their own fears of never owning a home.
“In Melbourne and Sydney, around the issue of housing affordability, you think of Australia as the lucky country but there are Millennials out there saying maybe it’s not so lucky anymore and that’s because of housing.
“There is the Australian dream that everyone can own their own home but there are a big number of Millennials who don’t see that as an objective for them … in an ideal world they would like to, and they saw their parents did and they can’t even afford an apartment.
“It’s another indicator for state and federal governments of the need to find answers to the question of housing affordability.”
Mr Hill blamed social media for pushing terrorism and crime to the top concerns, replacing climate change, which topped the list in 2014.
He said, as with economics, Millennials were not putting Australia’s issues in context.
“Australia hasn’t yet been the subject of tragedy (on a par with overseas terrorist attacks). There was the Lindt situation and our police force have done a remarkable job foiling terrorism attempts, but I think this barrage of instantaneous social media puts it on the national conscience.”
The report found “general anxiety” in mature markets, such as Australia, while emerging markets, like India, had much more positive outlooks.
“(It’s in) mature markets where many Millennials feel theirs is the generation where things stopped getting better.”
HOME NO SO SWEET HOME
Rose Brennan
THE state’s housing affordability crisis is the No. 1 concern for Sydney newlyweds Natalie and Callum Docker.
“Everything is way out of our price range and a smaller house, which my parents would have bought as their first home, we can’t get our hands on, there is just nothing on the market,” Mr Docker, 25, said yesterday.
“It’s more difficult for people to get their leg up these days in a more globalised community where people like foreign investors drive up the prices and older people are not willing to downsize so there is nothing on the market for us.”
The northern beaches couple, who run a cheerleading business, said they would have to move out of the area they call home and shut down their business to find a property they could afford.
“It is definitely harder than previous generations,” Mr Docker said.
He said the threat of terrorism was “blown out of proportion” by his Gen Y counterparts. “You have a much higher chance of dying in a car crash or shark attack than from terrorists,” he said.
JUMP TO THE LEFT, NOT A STEP TO THE RIGHT
Rose Brennan
ACROSS the globe Gen Y voters are bucking the trend towards conservative leaders such as US President Donald Trump and One Nation’s Pauline Hanson.
Also known as millennials, they are opposed to leaders who are seen as divisive, and in favour of leaders who express honesty and passion, according to a new demographic report by international accounting firm Deloitte.
Recent political shocks, such as Britain’s decision to leave the European Union and the election of Mr Trump are not supported by Millennials, who reject controversial leaders who advocate radical transformation.
“Some commentators have said we live in a ‘post-fact’ world and that 2016 saw the emergence of popular support for a new style of leadership, one that rejects globalisation, promotes self-interests and offers radical solutions in place of gradual change,” the report says.
“Results at Italian, UK, and US polling stations suggest this may be the case within the wider population comprising people of all generations, from the economically active to the unemployed or retired. However, within the specific group of Millennials … most seem reluctant to embrace this new agenda.”
Deloitte Australia chief operating officer David Hill said young Australians valued passion from politicians.
“When they hear politicians who appeal to the baser views in society, it doesn’t resonate with them — that was a profound finding,” he said.
The data also shows it will be tough for Australian politicians to reach Millennials.
“Our survey shows business and political leaders need to find a way to bring Millennials with them on key initiatives,” Mr Hill said. “They are more comfortable with straight-talking language and will reject leaders who take divisive positions.”
Originally published as Millennial Aussies are miserable over housing affordability and financial fears
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