In the thick of Australia’s economic whirlwind, there’s a compelling story unfolding, with Generation Y (Gen Y) taking centre stage, reimagining how we spend in times of financial turmoil. A recent report by Canvas8, a global insights powerhouse, dives deep into how our generation is navigating the economic challenges that have engulfed the country. The report, “Aussie Gen Yers’ unstable finances are shaping their spending”, written by Kayti Burt, brings together insights from Alison Pennington, a top economist and media voice, and Jonathan Barrett, a senior business reporter at The Guardian .
It gives us a glimpse into how Gen Y is adapting, innovating, and even thriving amidst the relentless waves of a housing crisis, skyrocketing living costs, and a deep distrust in big corporations. Australian economic rollercoaster Australia, once the poster child for economic strength, faced its first recession in nearly three decades in 2020. While it bounced back, the country now wrestles with a housing shortage and climbing interest rates, hinting at another downturn.
These challenges hit us millennials the hardest, with less savings and lower homeownership rates than our parents had. Faced with these hurdles, Gen Y is changing the game. We’re all about frugality, avoiding credit like the plague, and treating ourselves to occasional luxuries instead of splurging on everyday stuff.
It’s a delicate dance between the dream of owning a home and the reality of financial inst.