REST survey shows young people mixed up about their financial future

REST Industry Super has surveyed over 1,000 millennials aged between 18 and 40, discovering that these people want a home, not a retirement. 

Key findings

  • Eighty-seven per cent of respondents said the dream of owning their own home is just as important to them as it was for their parents. 
  • Eighty per cent don't feel like they are on track to achieving it - increasing housing and living costs are to blame
  • Just over half said they would rather save for a house than retirement
  • About one-third said they are worried they would have to give up work to look after their parents, or that their parents will need financial support in retirement
  • Forty per cent said they had no idea how they would fund their retirement
  • Forty-six per cent are saving for retirement either via compulsory superannuation or personal investments