The challenges to housing affordability have pushed many Australians to prioritise achieving homeownership instead of pursuing travel plans, according to a new study by InsureandGo.
The study said 64% of Australians would rather own a dwelling than travel, with more than half saying they would regret not owning a property by the age of 45.
However, financial priorities vary across generations — people in the younger age groups are more likely to see travel as an essential part of life.
In fact, 50% of those under 30 believe travel is as important to achieve in life as homeownership. The proportion went down to 41% for 35- to 44-year-olds, 36% for 45- to 54-year-olds, and 28% for 55- to 64-year-olds.
While most would regret not owning a property, there were also some who said it would be a loss for them not to travel — 55% of 25- to 34-year-old Australians believe they would regret not being able to travel.
"It's clear that baby boomers and millennials have different priorities, particularly when it comes to their financial goals. Where the older generations are more accustomed to the idea of travelling after retirement, their younger counterparts would much prefer to travel before then," said InsureandGo spokesperson Jonathan Etkind.
He said millennials seem to rather spend their money on experiences than investments due to the current state of housing affordability in Australia.
"On the other hand, the Australian Dream for most baby boomers includes homeownership, while millennials are not as fixated on the idea," he said.