Australians remain confident in achieving long-term financial goals, as a nation of side hustlers emerges to combat cost-of-living

27 August 2024

Australians are looking for ways to get ahead of continued cost-of-living pressures and keep home ownership in sight by making clever financial choices, according to new research by Great Southern Bank.

While two in three (64 per cent) Australians say their financial plans have been set back by at least 12 months due to the economic climate, the research suggests they don’t see it as a stop-sign when it comes to achieving their long-term financial security goals.

In fact, the Bank’s ‘After’ phase of the ‘No Place Like Home’ report shows the majority of Australians (62 per cent) feel their financial security is about the same, or better, than two years ago. And 40 per cent of homeowners still feel very confident about achieving their long-term financial goals.

There are also encouraging signs of optimism and innovation, particularly among younger Australians looking for additional sources of income.

Australia is becoming a nation of "side hustlers"

The ‘After’ phase of the report found a significant 67 per cent of homeowners have started or are considering a side hustle, hobby business or a second job to help with their home loan repayments.

Millennial homeowners are the most likely to be planning to earn extra cash in the future, as illustrated in the following table.

Megan Keleher, Chief Customer Officer at Great Southern Bank said: “The third phase of our ‘No Place Like Home’ report shows continued hope and resilience amongst Australian homeowners, despite current financial and economic pressures. It’s encouraging to see that they are using their entrepreneurial spirit to think about ways to boost their incomes and stay focused on paying off their home.

“We know many small business operators are also homeowners, so it is not surprising more Australians are considering side hustles or ideas for their own business. We want to help support their aspirations for business growth, financial security and ultimately home ownership, and recognise they are sometimes overlooked by the bigger banks. That’s why our Business app is specifically designed to support banking for small businesses like side hustlers, sole traders and micro small businesses.”

Parents are cushioning the cost-of-living crisis— with accommodation

Parents are keeping their doors open to adult children – for longer than you may think. The report found 39 per cent of Baby Boomers who still have adult children at home are happy for them to stay forever.

Most parents with children at home (58 per cent) believe their children will be able to buy a home between ages 26 and 35. One in 10 homeowners say they will consider downsizing in the future to contribute to a deposit for their kids and help them achieve home ownership.

In the past two years, 7 per cent of Australians have either moved back in with family, or have had adult children move back home, underscoring a concerted effort to save on housing expenses.

“More than before, we’re seeing would-be homeowners looking for ways to save money and achieve their financial goals, even if it means taking a longer-term view. Our research confirms many homeowners also want to be in a position to help their family members have the long-term financial security that homeownership brings,” Ms Keleher said.

“Irrespective of whether your parents are able to help, there are many pathways to homeownership. We are passionate about helping all Australians own a home and that means being here to help guide customers through the options – from state government homebuyer incentives to the Australian Government’s Home Guarantee Scheme or shared equity programs to buy with a smaller deposit.”

The ‘After’ wave is the latest in the Bank’s 3-part report series, exploring long-term financial security and how sentiment shifts throughout the homeownership journey, long after getting the keys.

To learn more about the insights from the ‘After’ wave of the Great Southern Bank ‘No Place Like Home’ research report, visit www.greatsouthernbank.com.au/home-loans/no-place-like-home