More than a third of Australians are reportedly choosing to “forgo buying their own home in order to keep up appearances”, according to new research from Mortgage Choice.
According to a recent survey commissioned by broking franchise group Mortgage Choice and conducted by research firm CoreData, the pressure of “keeping up appearances” may be holding back the new generation of home buyers from purchasing property.
According to the survey, 35 per cent of respondents said they are feeling pressured to keep up appearances and maintain their lifestyle.
Ms Mitchell said that this was perhaps unsurprising in modern Australia where “image is everything” – particularly for younger generations – as social media continues to draw in “avid” daily users and inundate audiences with projections of the “enviable lifestyles of Instagram and YouTube influencers”.
While 35 per cent of Australians said they were feeling pressured to keep up appearances and maintain their lifestyle, this statistic surged to almost 50 per cent among respondents aged 30 years and younger, Ms Mitchell noted.
Meanwhile, the research found that only 20 per cent of Australians aged between 51 and 60 felt pressured to keep up appearances in the same way.
Notably, Mortgage Choice chief executive officer Susan Mitchell said the research revealed that, nearly two-fifths (38 per cent) of Australians are choosing to “forgo buying their own home” as a result of spending in other areas.
Although it can be tempting to keep up with trends, the Mortgage Choice CEO asserted that it can be a “dangerous strategy” to spend for today, without incorporating a strategic plan for “longer-term financial security”.
She therefore advocated the need for younger generations to create a financial plan or visit a financial adviser to achieve their financial goals “without giving up everything that is important to them”, including home ownership.
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Ezekiel is a journalist on the mortgages, property investment and wellness titles at Momentum Media.
Before joining the team in 2019, he was a freelance journalist for Vice Australia, Pulse Radio and the Sydney-based travel publication Global Hobo, among others.
Ezekiel studies a double Bachelor of Communications and International Studies at the University of Technology, Sydney.