Gen Y Debt Predicament [IN THE MEDIA]

Wednesday, January 07, 2015
More than 1 in 3 (34%) registered debt agreements belong to 25-34 year olds, making Gen Y the  most likely generation to be in debt, compared to Gen X and their Baby Boomer parents.

Much of the blame is placed on easily accessible personal loans, credit card debt and a generation focused on lifestyle pursuits.

However there is more to it than this and it misunderstands the current realities to put all the blame on Generation Y. The fact is that the traditional expense categories such as food, transport, health and housing costs are higher for younger people today compared to that experienced by their parents at the same age. A generation ago the average house price was 5 times annual average earnings while today the average house price is more than 10 times the average annual full time earnings of $72, 000.

Additionally, Generation Y have new categories of expenses that their parents didn’t have such as education debt, mobile phone costs, internet expenses, tablet devices and online subscriptions. Not only are the costs of living higher, but the earnings have not kept pace. For example, when Baby Boomers graduated from university the average graduate starting salary was equal to the average full time adult wage, while today the average graduate starting salary of $52,000 is $20,000 less than average full time earnings.

But the good news is that their parents’ generation, the Baby Boomers, are the highest net worth generation in Australia’s history and over the next two decades almost 3 trillion dollars of private wealth will be transferred (if it’s not spent!) to the emerging generations.

Welcome to our blog...

We have a passion for research that tells a story, that can be presented visually, that brings about change and improves organisations. And we hope these resources help you know the times.

Our Social Media Sites

Facebook | McCrindle Research Social Media YouTube | McCrindle Research Social Media Twitter | McCrindle Research Social Media Flickr | McCrindle Research Social Media Pinterest | McCrindle Research Social Media Google Plus | McCrindle Research Social Media LinkedIn | McCrindle Research Social Media Mark McCrindle Slideshare


Last 150 Articles


Tags

10 years children women VET world youth day social media affordability FOMO couple event learning prince george 1980 January 26th cica 2020 South Australia young australians increasing densification Assistant Store Manager poor christmas households growing population house price NEETs community event owning a home news results research EFF 2015 online shopping earning census staying in social shifts breakfast grave decision mccrindle research baby name predictions demographic year 12 tableau relevant office opening toys urban living index youth selfie graphs vegetarian high density australian communities forum work-life World Water Day spend geomapping language high density apartments entertainment impact potts point non profit sydney hills young people national wealth small business commuters The ABC of XYZ jobs domestic cash australians staying home more participants video meetings car infographic wall government victoria Merry Christmas suburban living professional services Channel Seven teacher learning styles curiosity emerging technologies environmental scanning Population Clock church investment Hills Shire Council belief Engineering Manager faux-ciliser builders not for profit futurist education research future proof 2016 census renting parenting sydneycity Queensland: QLD work mates 23 million online McCrindle Speakers schools Australian demographics states survey crime Australian Families repayments brisbane conference speaker wealth and income financial dreams census fail social researcher commute 24,000,000 overcast James Ward entrepreneur innovative high density living generation alpha ultimo alpha moreton bay insights storytelling divorce census data mining boom marrickville forecast conference presentation income Aussies environment proactive Valentine’s Day Kirsten Brewer mccrindle tea retirement demography growth millenials paying to work New Zeland annual income career generational trends interactive average sydneysider Australian schools village easter panel 1975 mover and shaker darwin the hills shire mentor rent program DESTEL 2016 census results faith sydney metro staff REIV National Conference faux-cilising technology sydneysider debt mother's day baby names australia report SMART the changing face of Australian Home Mark McCrindle omnibus salary media commentary analysis Australia Day happiness property market infographic engagement Scouts ABS goals baby names Gen X tuesday social enquiry perth Netflix IT Specialists Financial Planning Association of Australia researcher Australian Communities Trends rising house prices internship Christmas season NT PSI society trends litter marriage google product education apartment moderators guide culture Wellington thrive responsive Sydney Hills Business Chamber unaffordable entrepreneurial Western Australia optus emerging trends child care offenders tv twentyseventeen focus group data visualisation Australian communities ageing population Word Up NBRS Architecture demographic trends christian Territory teleworking JOMO poker master emerging generations shbc trend tuesday insight market research networking land of the middle class sydneysiders goal define baby name area click events national crime rates newspaper men townhouses home owner New Zealand social trends research pack quote cartodb educated tertiary education marketing ACF royal influence home etiquette Social Trend ageing 1968 pharmacy qualitative research teachers the hills dessert group session teaching publication greatness Research Executive apartments System's Architect micro aged care micro apartments capital city charity mythbusters school wage bondi sydney speaker cold gold coast employment high school NSW Kiwi cloudy days suburbs Skilling thought leadership equip youth unemployment in depth interviews Wagga Wagga supply and demand students economy SMSF data university water authenticity travelling royal Australian Dream sustainable gender keynote speaker mateship learner collaborative royal family professional development resilience survey design cooking social lives sun volunteers eliane miles visual financial future business performance trends of 2016 renter of the future debate follow Royals housing trends rich internet friends cancelling plans year 7 trends of 2017 trend not-for-profit Geoff Brailey organisational culture friendship mccrindle in the media presentation Res Vis post rationalism shifts norwest hills shire local community Financial Planning Week ipswich jobs of the future affordable cancel plans housing affordability urban taskforce digital hello fresh Wodonga change statistics office stats residents gen z group leadership wealth distribution customer marriages generation leader HSC dare to dream typical australian VIC winter menai GPO training trends analyst local 1994 ethnography careers buildings brands keynote woolworths workshop experience generation Z spirituality daily telegraph ACF 2016 Christmas presents global new york times ashley fell clothing global generations bus travel safe "know the times" 40 million 2017 Real Estate Institute of Victoria student acf15 wealth Generation X Andrew Duffin australian communities trends report millionth Australians snapshot NBRS neutral bay house financial independence culturally diverse monarchy study facts medicine Love Do It Yourself hobart Northern Beaches FPA Real Estate trades rain australian social research aged care puzzle investor Financial Planning Association capital cities lifestyle engage workplace culture grandparents average aussie generations megatrends Australian Population community engagement weather father's day healthy future communities huffington post royal baby contiki politics Tuesday Trends crows nest earnings baby name trends community social commentary Work place #censusfail transport Channel 7 demographics future-proof SRE home ownership media release Gen Y ease of travel learn wealth and income distribution cancelling event house prices census 2016 housing growth 2014 intern sentiments work communication manly WA the average aussie weekly earnings future proofing hornsby faux-cilise nfp personalities Canberra in the media princess charlotte business Education Future Forum educhat Australian Census easy rider consumerism consumer research services Hornsby Shire Council population growth logan presentations purpose trends housing urban living ideas religion ferry cultural diveristy food ACT 2012 education future finance 24 million Myth Sydney keynote speaker aussie culture dreaming 2016 case study research visualisation earn cars Tasmania summer fears demographer cost of living communications Queensland outsourcing award winner DIY urban university degree collaboration education future report australia mobile family REIV Conference VET sector going out education sector tips local communities social change holiday media low density award rule keeper conference TAS baby names report city ashley mckenzie social researchers budget workplace focus groups Duchess of Cambridge SA Northern Territory socialising social future workforce Vocational education professional optimistic society narcissism holidays social life social commentator meals data analyst school satisfaction christianity socialites financial fears priorities state criminal wages forum google for education recap TDE list stay home the australian dream office space sector social research sports balance eliane entrepreneurs of today unemployment resource internships wolloomooloo train leadership workshop CPI millennials communicate organisations Macquarie University research report winter blues housing market sunny days suburb life property price visualisation relational tattoos new office shopping centre future of education Aussie CBD motivate anzac vegemite global financial crisis sector wide The Daily Edition sydney event conferences story wedding business index tea divorce rate Australian Trends research data seasons social issues employers Sydney Northern beaches Event social analysis daily commute gen alpha brand experience February 16 census results mythbusting parents speakers wellbeing Bathburst pharmacies Melbourne future of shopping New South Wales 2013 sector wide study Christchurch real baby public speaker Northern Beaches Christian School dream future of work kate middleton optus my business awards bureau Charlotte skills professional speaker rise of local brand cost personal growth shopper's pick demographic transformations economic Tuesday Trend Caregiver Australian Bureau of Statistics population energy middle class blaxland social impact families media activity population milestone plans public speaking report forecasting baby boomers mortgage household investing schools students Births fresh slideshare lalor park Crime Rates population map identity innovation baby boom changing face of sydney celebration public holiday long weekend Australia Day 2017 challenge world names property Christmas lunch pyrmont house price rise Generation Y deloitte sunburnt country average Australian rental stress coffee hopes Deaths waverton living teach national private wealth financial shopping know the times cultural diversity Adelaide English school students mccrindle

Archive