THE BEANS
... on the generational divide
What are your thoughts on the challenges
Gen Y’s face stepping onto the property
ladder.
DOUG: It was relatively easy to buy a house
in my day. They didn’t cost very, much
relative to wages. The situation today is
completely different. Home ownership in
Australia is now, I believe, just below 50%.
In Cairns housing is still affordable. Even so,
mortgage payments, insurance and Council
rates take up a much larger percentage of
the family income than they used to, and
I think home ownership is probably the
biggest challenge facing young people with
young families.
ALEX: I think it depends what you want out
of life, as far as property goes. Certainly
Gen X and the Baby Boomers had it easier
than the Y’s will. The wage level is pretty
much stagnant at the moment, making it
harder for people to save a decent deposit.
Also, after the GFC, banks are SO much
more hesitant to lend. It’s really about
working hard to save, looking to the future
a bit earlier than my Generation had to.
It’s certainly going to help if the parents
of Gen Y teach their kids early that they
need to start setting money aside as soon
as they can. The other thing, is that there
is definitely a movement away from all of
the excesses of the last 30 years, you don’t
need to buy enormous houses. We have an
advantage in Cairns that prices in general
aren’t as ridiculous as they are in the Cities.
KATE: I think it’s definitely harder for
my generation to break into the property
market and I think the lack of decent full
time employment contributes to this.
Describe a typical work ethic of your
generation:
DOUG: Every generation thinks it works
harder than any subsequent generation.
I believe my generation generally had an
excellent work ethic. I do think that some
young people today have a theory that they
should trade off some of their work ethic for
what they describe as “lifestyle choices.”
Good luck to them! I wish I had spent less
time working and more time with the family
and on recreational pursuits, although I did
devote all of my spare time mainly to the
family.
ALEX: I’ve certainly learnt over the years
that it’s best to work smarter not harder.
I’ve also learnt that by reducing my material
needs, I can spend less time chasing the
dollar, and more time enjoying being alive
with my family and friends.
KATE: I think we are a little more selfentitled than our predecessors. I think we
all want perfection - job, house and material
items. And right now! But we aren’t as
willing to put in the hard yards for it. We
live in an instant society and we don’t like
waiting for things.
DOUG: I want to make the closing comment
that I have a lot of confidence in our young
people. I mix with plenty of them, and I have
no doubt they are a real asset to our great
country. Good luck to all of you, the future
is in your hands.
Oct|Nov 2016 |
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