Aussies fear for future generations' cost of living, home ownership

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Despite being ranked as the second-best country in the world in terms of quality of living, many Australian parents are concerned regarding their children's ability to have the same standard of living as them. This is according to a research done by NAB-owned wealth management provider MLC, which surveyed more than 2,000 Australians regarding the impact that the current cost of living has on future generations.

Almost 60 percent of the respondents fear that the next generation will never own their own home because of the rising mortgage rates, while more than half also expressed concern over their own financial futures, saying that they might not be able to maintain their current lifestyle in 10 years' time.

One of the main reasons behind this bleak outlook is employment, as a third of the respondents admitted being worried about job security. Retirement is also a huge concern as two in five Aussies believe that they won't be able to fund their current lifestyle after retiring. More than half are relying on the government for retirement.

"Australia has a world-leading retirement savings framework, however too many Australians are facing a retirement savings shortfall or are not fully involved participants in the system," said Andrew Hagger, CEO of MLC. "With over a third of Aussies expecting to depend on the pension during the retirement—it's clear that a lot more needs to be done to help consumers be more confident towards their future and their retirement."

One way to do that is to hire a financial adviser or planner, as the research also revealed that individuals who used them were significantly less likely to say that they would rely on the government in retirement.

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