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Next generation will not be able to afford a mortgage, survey shows!

Almost three in five Australians believe the next generation will never own their own home, the results of a new survey have shown.

According to research from Ipsos and MLC, 58% of those surveyed said the next generation will be forced to rent all their lives and never own their own home. Much of this anxiety has been fuelled by the increase in house prices over the last five years.

Data from CoreLogic RP Data shows house prices across Australia’s capital cities have increased by a cumulative 49.2% post GFC, since January 2009.

Further, almost 1 in 5 (17%) in the Ipsos and MLC survey indicated that will be relying on family inheritance to pay off their mortgage or ensure their financial security.

This was higher among those who believed their parents to be a higher class than them. More than half (55%) of those who believed their parents were upper class said they would have to rely on their parents, while one in five (20%) of those who believed their parents were upper middle class expect to rely on their inheritance.

Almost a quarter (24%) of those respondents who went to a private school said they will need to rely on family money to pay off their mortgage.

If you have any questions about how this might affect you or your family, please contact us here or phone the office on 1300 131 909.

SOURCE: MPA | 06 Apr 2016
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