New research suggests many ‘Millennials’ are prioritising saving for a home over a holiday.
The definition of the term ‘Millennial’ can vary, but is often considered as anyone born between 1981 and 1996, or 1981 and 2001.
Data from Westpac Life, a savings account that allows their customers to save for specific goals, shows the most popular savings goal among 25-34 year old’s is ‘Home and Property’.
Chelsea Guest, 18, lives with her parents in Balgownie, and works casual office and retail jobs.
“When I was in high school, I used to do things like dancing and singing lessons, because that's what I'm really passionate about,” she said.
“I just can't afford to do that any more, because now I'm out of school, have got work and have got to try and save because I want to move out.
“I can't afford to do all the things that I need to do for me, and move out at the same time.
“Last year for Schoolies I went to Vanuatu. I would love to go back and take my partner there, but we just can't afford to go.”
Ms Guest said 19-year-old partner Andrew Hawken shared her goal to save to buy a home.
“I want to move out by the time I'm 21 or 22 hopefully, although I'm not sure how well the house prices are going to go,” she laughed.
“I would prefer to buy rather than rent, because with renting… Just $400-odd a week that's technically going down the drain.
“If I could save up to buy that would be great, because then I wouldn't be spending money every week on that, I'd be paying off a mortgage. So I'd feel like it was going towards something.
“Everyone always tells me I'm too young to be talking about this stuff, but I really want to make sure I've got my future set.”
Kathryn Carpenter, Westpac’s head of savings, said first home buyers are being diligent with their savings and digging deep to save for a home.
“Millennials are often depicted as a generation more focused on life experiences and living in the ‘now’,” she said.
“However, our research shows that many are in fact taking saving for a home deposit seriously, and prioritising it above other goals including travel or lifestyle.”