Holidays Over Home Loans: Gen Z’s Rejection Of The Great Australian Dream

What Today’s Spending Habits Reveal About The Future Of Work, Wealth, And Aspiration

For an increasing number of young Australians, home ownership feels like a distant dream, and as a result, many Gen Zs are gearing their savings goals towards Euro summers instead of home loan deposits.

It’s no secret that we’re in the midst of a cost-of-living crisis, and Generation Z (those born between 1995 and 2010) are feeling the brunt of it. The traditional markers of adulthood like owning a home, climbing the corporate ladder, or settling down early are being redefined by a generation navigating skyrocketing costs, global opportunity, and a new sense of what success really means.

Marketing leader Russel Howcroft recently highlighted this shift on ABC’s show, Gruen, stating:

“It’s the hardest it’s ever been for a 30-year-old in Australia, in Australia’s history. It is true 30-year-olds are going to be less well off than their parents — that’s a fact."

He added:

“When I was 30, a house cost me three times my salary. Now it’s eight times plus for a 30-year-old. It’s true that HECS has doubled in the last 15 years, from a $15,000 bill to a $30,000 bill [and] it’s true that a Baby Boomer paid half the tax when they were 30, that a 30-year-old pays today.”

These financial realities are backed by the data. A recent Domain report found that the average Sydneysider needs to save for 10 to 20 years to afford a home deposit. When faced with this uphill battle, many young Australians are reprioritising what they do with their money and for many, travel is in and property is out.

In fact, a recent InsureandGo study revealed that 71% of Australians under 30 would rather travel than buy a home in the next 12 months.

Gen Z In Action: Swapping Mortgages For Memories

Take 20-year-old Brianna Smith, who made headlines in 2024 for spending $50,000 on an eight-month European adventure instead of putting that money towards a house deposit. Visiting 17 countries, Brianna explained that after realising teaching wasn’t for her, she’d rather explore the world than save every cent for a home she may never afford.

“I would do it again in a heartbeat,” she said.

Other Gen Z Australians are finding ways to monetise their travels. Content creator Mary McGillivray has built a following of nearly 500,000 on TikTok, documenting her travels through European museums. Sponsored in part by the European Travel Commission, her content fuses education and wanderlust and shows how Gen Z is blending work, purpose, and play on a global scale.

Even those who followed traditional paths are questioning the value of those choices. Alana Avallone says she felt pressured to go straight to university, only to be saddled with over $60,000 in HECS debt for a career path she no longer wants. Her story reflects a growing trend with Gen Zs seeking meaning, flexibility, and lifestyle balance over traditional career and wealth milestones.

The Rise Of The Digital Nomad:

With Gen Z less focused on traditional wealth creation, we’re seeing a surge in non-linear career paths. A study by UpWork found that 53% of Gen Z workers are freelancing full-time, managing a portfolio of work instead of committing to a single employer.

This has given rise to the digital nomad lifestyle where professionals work remotely while travelling the world. With 50+ countries now offering digital nomad visas, even governments are jumping onboard to attract this mobile workforce.

According to a study from MBO Partners we can see that:

• Today, 11% of U.S. workers identify as digital nomads

• Gen Z and Millennials make up 64% of that workforce

• 79% report being highly satisfied with their income

• 81% are optimistic about their career futures

The appeal? Freedom, flexibility, and the chance to explore the world while building a career on their own terms.

A Changing Mindset: The Future Consumer

This shift isn’t just a personal preference, it’s a generational mindset reset. For many young Australians, the concept of “settling down” feels outdated. As InsureandGo’s Jonathan Etkind explains:

“When forced to choose between an eye-watering mortgage and a travel experience, Millennials and Gen Z Australians are opting for the latter. It’s a response to the housing crisis.”

He adds that the pandemic played a role too:

“Being holed up in our homes between 2019 and 2021 sparked seriously itchy feet. Combine that with skyrocketing property prices, and you’ve got a generation rethinking the ‘great Australian dream.’”

This isn’t just a travel trend, it’s a consumer behaviour shift that corporates need to understand.

What This Means For Employers And Brands

Whether they’re living off two-minute noodles while dreaming of Paris, or freelancing from a beachside café in Portugal, Gen Z is reframing what it means to build a future. For employers, marketers, and business leaders, this means:

• Workplace flexibility is no longer a perk, it’s a must.

• Traditional 9-5 jobs may not appeal to top young talent.

• Experiences and lifestyle alignment now rival salary as key drivers.

• Digital fluency and global ambition are part of Gen Z’s DNA.

More than ever, organisations need to understand the motivations, values, and economic realities of this generation. If Gen Z sees themselves as the investment, not the mortgage, how are you showing up to meet them where they are?

Because for this next generation of consumers and employees, the future isn’t about building equity. It’s about building experiences.

About The Author

Scott Millar is a business leader, keynote speaker, and generational consultant on a mission to help organisations navigate the ever-changing future of work. Launching his business in early high school, Scott has spent the past 10 years working with young professionals and business leaders around the world to explore how technology and innovation are changing the way we live, work, and learn. 

To find out more about Scott and to book him to speak at your next event, head to: www.iamscottmillar.com/speaking