MELBOURNE, Aug. 26 (Xinhua) -- Around 85 percent of young Australians are worried about whether they will be able to afford to buy a home, new research has found, highlighting the growing impact of housing costs, financial stress and reliance on family support.
The research by the Australian Institute of Family Studies (AIFS), drawing on data from Growing Up in Australia, a longitudinal study of Australian children, examined the experiences of Australians aged 19 to 20 and 23 to 24 as they navigate study, work, housing costs, debt and financial independence, an AIFS statement said Wednesday.
Housing affordability emerged as one of the biggest challenges, with 63 percent of young people living with their parents either rent-free or paying lower rates on average than those living away from home, it said.
Among those living independently, 23- to 24-year-olds renting privately spent an average of 47 percent of their income on rent, while only 8 percent owned or partly owned a home, the research showed.
Progress towards financial independence was closely linked to education and employment, with 55 percent of 19- to 20-year-olds combining work and study. Yet financial pressures remained common, with 63 percent of 23- to 24-year-olds and 53 percent of 19- to 20-year-olds reporting non-property debt, mainly study-related loans, according to the findings.
About three in 10 young people experienced financial hardship in the previous year, including going without meals, delaying healthcare or seeking financial help from family and friends, while around half reported needing financial assistance from their parents, the study showed.
The findings paint a picture of a generation working hard to establish themselves while facing significant financial challenges, said Kirsten Campbell, longitudinal head of the study. ■