Confidence in home ownership and retirement crumbles: Douugh
Douugh Ltd (ASX: DOU), the consumer fintech empowering Aussies to take control of their money, has shone a spotlight on the growing uncertainty and lack of confidence among young Australians, with nine in 10 worried about their financial situation.
For one in three, home ownership remains the biggest financial goal; however, more than a quarter aren’t confident they’ll achieve it. Additionally, more than half of Australians aged 18 to 32 are concerned they won’t be able to retire comfortably (54%).
Douugh’s ‘Wealth Health’ research, which sought to understand the financial goals and pressures of young Australians, revealed the rising cost of living is taking its toll on their long-term goals and financial stability. A lack of savings, unexpected expenses, and living paycheck to paycheck also rank as key barriers (each 37%).
Andy Taylor (pictured), Founder and CEO of Douugh, says it’s clear Australians are grappling between their short-term cost of living issues and their long-term financial future.
“The ‘Australian dream’ of home ownership is almost at the point it feels unachievable for a lot of Aussies. But it’s important we don’t lose sight of creating sound money habits in the meantime to build the necessary foundations to bring our long-term financial goals back into reach.
Utilising a range of wealth building strategies, investing in small but frequent intervals, and seeking professional advice if possible is going to support Aussies through this rough period without having to choose between now or then.”
Other key stats from the report include:
91% worry about their financial situation
86% agree building long term wealth is important
82% are utilising savings as their wealth-building strategy
75% have never sought professional help or financial advice
61% rate their knowledge of share investing as limited or very limited
For those who aren’t investing in shares, not knowing enough about investing (62%), not knowing where to start (45%) and worrying about losing money (43%) are the top cited barriers.
