Aussie boomers choosing travel over property: Survey

Yasmine Raso

Senior Journalist, Financial Newswire

3 June 2024

A new survey conducted by Compare the Market has found that Baby Boomers are more likely to have no interest in entering the property market and spend their money on travel plans.

According to the data, 60 per cent of boomers surveyed were not interested in purchasing property if they hadn’t already, compared to the 45 per cent of Generation Z that “would sacrifice everything” to enter the property market.

Across all generations, 19.4 per cent were not interested in home ownership.

Just under 50 per cent (46.9 per cent) of Baby Boomers who participated in the poll said travel was a strong financial priority, compared to only 35.3 per cent of Generation Z, 39.6 per cent of Millennials and 19.6 per cent Generation X.

The top financial priority for Generation Z besides property was “enjoying better everyday things (better living situation, medical care, food, etc)” (39.7 per cent) followed by a new car (25 per cent).

“It can be easy to get discouraged when saving for a property,” Compare the Market’s General Manager of Money, Stephen Zeller, said.

“If you do plan on buying a home, it is important to start planning, budgeting and saving money as soon as possible to help you afford the initial deposit, and other associated costs.

“You should also set realistic expectations – your first home does not have to be your forever home, but getting your foot in the door is a great first step in the right direction.”