64 per cent of Aussies would prefer the Great Australian Dream over travelling according new research
Despite our love of travel, it seems that even the state of housing affordability is not enough to sway us away from the Great Australian Dream. New research reveals that 64 per cent of Aussies would rather own a property, than travel.
The findings come from travel insurance specialist InsureandGo which conducted a survey to gauge what Aussies think is more important to achieve in life – travel or property ownership.
The survey also sought to uncover whether they would regret not having done one or the other by the age of 45.
The results reveal that almost two in three Aussies think it is more important to own their own home.
At a glance:
• 64 per cent think achieving property ownership in life is more important than travel
• 50% of under-30s would rather travel than own a property
• 59 per cent said they would regret not owning property, than not travelling, by the age of 45
Jonathan Etkind, spokesperson at InsureandGo said it was clear that baby boomers and millennials have different priorities, particularly when it comes to their financial goals.
“Where the older generations are more accustomed to the idea of travelling after retirement, their younger counterparts would much prefer to travel before then,” said Mr Etkind.
“On the other hand, the Australian Dream for most baby boomers includes home ownership, while millennials are not as fixated on the idea.
“Perhaps owing to the current state of housing affordability, it seems they would rather spend their money on experiences than investments.”
The results showed this with 50 per cent of under-30s believing travel is more important to achieve in one’s life, followed by 41 per cent of 35 to 44-year-olds, 36 per cent of 45 to 54-year-olds, and 28 per cent of 55 to 64-year-olds.
If a person had not travelled or bought a property by the time they were 45, the findings revealed they are slightly more torn between which they would regret most.
59 per cent said they would regret not owning property, rather than not travelling. Meanwhile, 55 per cent of 25 to 34-year-olds believe they would regret not travelling more, compared to 33 per cent of those over 55.
When looking at the figures for home ownership, it seems to be the opposite for older Aussies: 68 per cent of over-55s would regret not owning property, compared to 45 per cent of under 34s.
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