Gen Y's And Millennial's Are Kicking Serious Butt Despite Not Being Given A Fair Go
Today's generation are expertly juggling a lot more in their lives, due in part to the enormous advance in technology, but also have a lot more challenges to endure, according to Property and Finance Investment Expert, Ayda Shabanz.
Today’s generation are expertly juggling a lot more in their lives, due in part to the enormous advance in technology, but also have a lot more challenges to endure, according to Property and Finance Investment Expert, Ayda Shabanz.
Ms Shabanz said that life today consists of more noise in general. As we carry out our errands for the day, we are constantly being sold to, even without realizing it Today’s property market is no different. Numerous people claiming to be experts and thought leaders are constantly throwing information and opposing advice to us – we literally don’t know who to listen to.
“What was a simple process has now become almost like a game of roulette today, and honestly it does not have to be that way’” she said.
They may soon be left completely on their own when it comes to managing their finances if the current Royal Commission Report’s suggestions go ahead. Ms Shabanz said that currently finance brokers work with their clients to obtain the best finance solution for their needs, but the Report going ahead will leave clients to their own devices.
According to Ms Shabanz, today’s young people have so much more on their plate than their parents and grandparents did at the same age. For example, where mothers used to focus only on the family and household, nowadays she has to work as well, leaving the family and household errands to both parents in whatever spare time they have.
“Looking back, when today’s baby boomers were my age, for example, not only did property prices take up so much less of their income percentage than they do now, but there were fewer compulsory government taxes to navigate than today. Therefore so many more people could own property,” she said.
“In addition, Australian property buyers who live overseas for work have even more challenges, such as a higher land tax and even getting finance from an Australian lender is more difficult.”
Ms Shabanz questions whether there is a collective reason that government bodies and society as a whole really want to assist Gen Y and millennials to get ahead at all – in property and life as a whole.
“It's almost like a conspiracy theory to keep us out of the property market. I know it's not true obviously but sometimes I question why these challenges all have to be necessary – especially as we are already managing every other aspect in our lives like a pro.”
“There has always been a lot of talk blaming us for our lifestyle patterns and these preferences for being the reason we cannot buy property,” she said.
“I remember reading something along the lines of because we go out for brunch and eat smashed avocado toast, we are electing not to purchase property. Well, guess what? That’s a complete myth. We can have our toast and eat it too..”
Ms Shabanz said that those in generations past should be proud of what we, in our 20s and 30s have achieved so young.
“We are making waves in the business arena, and there is no reason why we can’t do the same with property. Its really just about trusting the right adviser and broker, and listening to their advice only.”