Photo provided by Meri Amber – meriamber.com
A recent Deloitte Millennial survey paints a picture of a pretty disgruntled lot. Fewer than one in ten believe they will ever be as well-off as their parents.
In fact, many need to draw on the Bank of Mum and Dad if they even want to contemplate getting on the property ladder.
Australian Millennials are ranked second lowest in the world for property ownership, according to a recent HSBC survey of 9,000 millennials in nine countries.
Assuming you’ve scraped together a deposit, you’re likely to be side-swiped at an auction. It’s not unlike turning up a supermarket with a trolley-full of cash only to realise that your loaf of sourdough has doubled in price since you walked in.
So small wonder, when we asked four of our millennial readers what they want the Treasurer to do for them, housing was high on the list. As was the high cost of living in Australia.
David Lim is a 26-year old data modeller who is most troubled by the housing market, “It is such a tall order to pull together a deposit, and now with talks of a bubble burst, it seems that all that effort might lead to a massive amount of financial distress,” he says.
He is currently renting and looking to buy. Aside from measures to improve housing affordability, his long wishlist for the Treasurer includes infrastructure investment and funding for human services.
Twenty-five year old Meri Amber is a singer/songwriter who is about to get married and move in with her partner. Her biggest financial headache is the overall cost of living in Australia.
“My partner and I have seriously been considering moving overseas as the rent is cheaper, meeting daily needs is cheaper… there’s often more opportunities, and, it’s an adventure, why not?”
Meri says she doesn’t have much hope for this year’s Budget and doesn’t believe the government supports start-ups or creative ventures.
Also aged 25, Corey Owusu-Ansah is an actuary whose biggest financial headache is juggling monthly credit card payments. He says he’s benefited greatly from the Government’s investment in his university education but rising university fees and the pressure of repayments “put further higher financial strain on individuals in an already unsettled climate.” He’d really like the Treasurer to continue supporting the sector and amend the current HECS debt repayments structure.
Alissa Dinallo, 28, is a freelance book designer who owns an investment property. “Overall, not many things affect the design industry,” she says, “But the only thing that irritates me as a millennial is housing affordability.”
She and her partner are looking to buy a first home together. Even with good incomes, they’re struggling to find something under $1.2 million within a reasonable distance from work. She’s looking for something in the upcoming Budget to help them.
What are your thoughts on the Budget? If you could wave a magic wand, what would you like to see?
Have your say by leaving a comment below.