New study shows majority of under-35s still optimistic about owning a home
Young Australians are maintaining financial optimism despite economic headwinds, including cost-of-living pressures and housing affordability concerns, a new report from digital bank Ubank has indicated.
The research, conducted by NAB Behavioural Economics, found that many younger Australians continue to believe they can reach key life milestones even as broader social, political, and economic factors present challenges.
According to the findings, 48% of Australians feel positive about the future. Among those aged 18 to 35, half believe they will lead a happy life and 55% are confident they will live where they choose.
Younger respondents were more optimistic than older age groups about their financial outlook. More than half said they were hopeful about owning a home (55%), starting a family (53%), and having enough income to save and invest (54%). Sixty percent were confident about working in a field they enjoy, while 61% believed they would secure a well-paying job. Forty-one percent expressed confidence in one day owning a business.
Despite economic uncertainty, 63% of Australians reported feeling in complete or mostly in control of their lives. Among those aged 18 to 25, one in five said they felt fully in control — a rate matched only by those aged 76 and over.
The study also highlighted ongoing concerns across all age groups, with the cost of living cited as the leading national issue. This concern was most pronounced among Australians aged 46 to 55 (83%), while 65% of 18- to 25-year-olds listed it as their top issue.
Housing affordability ranked as the second most significant concern, with 51% of respondents flagging it as a key worry. Among 26- to 35-year-olds, this figure rose to 62%.
For Australians under 35, financial stress remained the main source of anxiety, with 52% naming money concerns as the biggest issue affecting their sleep.
“Just like the research suggests, when we speak to our customers, we see an optimistic, engaged, and empowered generation seeking to take greater control of their money, better understand their finances, make more informed decisions, and have greater input into their futures,” said Andrew Morrison (pictured above), chief customer experience officer at Ubank.
“They recognise the challenges but believe they can still achieve their goals, including the great Australian dream of home ownership, even if it takes longer than for previous generations. That’s why we’re building fast and simple digital products and services across everyday banking and home lending to help them reach their financial goals.”
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