Move over smashed avo toast, Millennial and Gen Z Aussies are choosing to spend their disposable income on travel and making long-lasting memories abroad instead of saving for a home amid the current national housing crisis.
A recent survey by travel insurance provider InsureandGo found 71 per cent of under-30s and 65 per cent of 31-50-year-olds would rather travel than buy a house over the next 12 months.
The results showed a direct correlation between age and the desire for property ownership in the current market with nearly three in four under-30s saying they would spend their money on travel rather than property in the next 12 months.
Dreaming a new dream
ABS statistics reveal the likelihood of owning a home at age 25-30 has decreased for each generation while in 2023, travel drove an increase in spending across Aussie households.
InsureandGo Chief Commercial Officer Jonathan Etkind said for many young Aussies, homeownership is out of reach and is significantly shaping spending habits.
“When forced to choose between an eyewatering mortgage and a travel experience, Millennials and Gen Z Australians are opting for the latter and this is largely in response to the housing crisis,” he said.
What matters to Millennials & Gen Z
He also cited experience culture and the pandemic as a catalyst for increased travel among young Aussies aka the revenge travel trend.
“Being holed up in our homes for extended periods between 2019 and 2021 and unable to travel sparked some seriously itchy feet.”
“Combine that with skyrocketing property prices and you’ve got a generation of younger Aussies who have perhaps been taught to rethink the great Australian dream,” he said.
