Gen Z shunning overseas travel in favour of home ownership and starting a family

The gap year was considered a rite of passage for Gen Y, but the younger generation are rejecting the year of backpacking abroad in favour of buying a home and starting a family.

The 2019 Deloitte Millennial Survey has found that home ownership is the top priority for Gen Z, who are aged 17 to 24.

Mark McCrindle, social researcher & demographer at McCrindle Research, said the findings align with other research on the generation.

“These young people are very financially conservative,” he said.

“They’ve seen the rising house prices, they’ve seen the cost of living challenges, they’ve seen their parents pick up extra work just to pay the bills, flat wages, underemployment,” he said.

“It has really reinforced to them that you do have to work hard, you do have to save hard.”

Mr McCrindle said it’s common for values to shift significantly from generation to generation.

“Generationally we see the pendulum swing back and forth, and Gen Z are swinging back to conservatism. Maybe they’ve seen the older Gen Y enjoy the journey, spend the money, but now also living back with mum and dad in their thirties.” he said.

Press PLAY below to hear Mark McCrindle on 3AW Drive.