Most young Australians are optimistic that they will own their home, a recent survey has revealed.
New research from Ubank shows that younger Australians are optimistic about their financial future, despite rising costs of living, housing affordability pressures, and economic uncertainty.
A study conducted by NAB Behavioural Economics for Ubank found that while many social, political, and economic challenges disproportionately affect younger Australians, they still believe they can achieve their goals.
The research revealed that almost one in two (48%) of all Australians feel positive about the future. Half of 18-35 year olds share this optimism and believe they will live a happy life, with approximately 55% optimistic about living where they want to.
Younger Australians are also more optimistic about their financial futures compared with older generations, with 55% hopeful about owning their own home, 53% optimistic about starting a family, and 54% confident in having enough money to save and invest. Additionally, 60% feel positive about working in a field they enjoy, 61% believe they will find a well-paying job, and 41% have confidence in being able to own their own business.
Encouragingly, 2 in 3 feel they have some control of their lives. By age, the number who felt in complete control was much higher in the 18-25 (20%) and 76+ age groups (20%).
Unsurprisingly, the research revealed the cost of living as the most important issue facing the country today, with housing access and affordability ranked as the second biggest issue nationally, with just over half the respondents citing it as top of mind. This concern is particularly pronounced among 26-35 year olds, with 62% expressing high levels of concern.
More than half this age group, nevertheless, expressed the drive to own their own home.