SYDNEY: Australian millennials are pessimistic about their futures and don't expect their fortunes to improve, according to a new study.
The Deloitte Millennial Survey 2017 was based on a poll of more than 8,000 millennials across 30 countries and found that young Aussies are more down on life than their global counterparts, particularly when it comes to economic stability.
Finances are a big issue: just 8% of young Australians believe they will enjoy a more financially secure life than their parents, compared to an average of 36% globally. And just 4% believe they will live a happier life than older generations, compared to 31% globally.
Overall, millennials from developed markets were much more pessimistic than those in emerging markets where 71% expected to be both financially better off than their parents, with 62% emotionally better off.
Young Australians aren't confident in the country's job market either. More than three quarters – 76% – cited underemployment or a lack of full-time jobs as an issue. Stuck in jobs that don't offer security, 60% of respondents intended to leave their current role within two years.
Despite concern about international issues such as terrorism and global warming, the number one worry for Australian millennials is perhaps not a surprise: housing affordability. The country's overheated housing market shows few signs of slowdown, and young Australians are increasingly locked out of buying while enduring soaring rental costs. Crime, income inequality and access to healthcare are also issues millennials worry about, replacing environmental concerns at the top of the list.
These concerns were again evident in a recent Junkee Media study of Australia's millennials which also highlighted this demographic's feeling that they lack passion or purpose. (Read more about millennials and the fading Aussie dream in Warc's exclusive report: Millennials: Passion, purpose and the Australian dream.)
Data sourced from Deloitte, B&T; additional content by Warc staff