Aspiration, dislocation and isolation in tough times

Australians continue to value owning their own home, financial stability and the ability to enjoy life, research reveals. However, achieving these goals in challenging economic times often means delaying milestones, sacrificing lifestyle, working longer hours, or switching careers. According to a YouGov survey commissioned by customer-owned bank NGM Group, seven out of 10 Aussies still view home ownership as a symbol of success, but nearly two-thirds are willing to delay it.

Over half have cut back on lifestyle spending, 30 percent work longer hours, and 22 percent have changed jobs or careers.

James Cudmore of NGM Group notes that despite economic uncertainties, aspirations like home ownership, family, and financial security remain appealing to young people. Chris Dinham and Bec Davies, a Perth couple, exemplify this by building a tiny home on a remote property in NSW after five years of traveling and documenting their journey online as "Salt" and "Charcoal." They opted for a simpler lifestyle to achieve home ownership.

Another study of 3,562 people living in or hosting shared accommodation found that 44 percent were aged 40 or older, challenging the notion of sharehousing as a temporary stage in young adulthood. More than two-thirds expected to be out of shared housing by their current age, with this number rising to 78 percent among those over 40.

Three-quarters cited high housing costs as the reason for extended sharing, and nearly one in three respondents said they no longer expect to own a home. Over a third had lived in shared accommodation for at least five years, and almost one in five for more than a decade.

Scott McKeon of Homerun, a sharehousing platform, asserts that sharehousing is becoming a more permanent housing option. While 86 percent of respondents found their sharehouse positive, citing community and cost as benefits, the broader population appears to be increasingly disconnected. University of Sydney researchers found that social isolation nearly doubled over 23 years, from 16.9 percent in 2001 to 29.9 percent in 2023.

Chronic loneliness also rose from 6.3 percent to 8.4 percent during the same period. Factors such as employment, housing, living arrangements, and community participation contribute to social connections. Professor Melody Ding of the University of Sydney attributes the widening social inequalities in Australia to worsening social connections, emphasizing the need for sustained policy and public health action.