Young Australians live with their parents to save for a house deposit
The rising cost of living, including a lack of affordable housing, has changed the financial landscape for Australia’s youth.
According to the Young People’s Financial Strategies: Insights from the Australian Youth Barometer report from Monash University, young Australians often defined financial security as being able to afford material needs without worrying about money.
Saving and investing were listed as their main strategies for financial security, but many factors could influence that in a negative way, including paying for housing.
Interviewees said the prospect of living independently, especially paying rent, was a potential threat to their ability to save.