Australian Gen Y’s appear to be under no illusions about how hard they will have to work to achieve a comfortable retirement, according to new research released this week.
The research, conducted by industry super funds Rest, found that two-thirds of Australian Gen Y’s think they will work as hard as their parents, if not harder, to achieve their desired lifestyle.
The research found that despite common perceptions of the laziness and poor work ethic of the demographic, Gen Ys are prepared to put in the hard yards in terms of building their careers and securing their lifestyles.
It found that more than 75 per cent of Gen Ys expect to live a comfortable or very comfortable lifestyle, with 15 per cent expecting they will be rich.
Of those who thought they would earn a $100,000 salary at some stage, nearly 70 per cent said it wouldn’t be until they reached 30, while some 32 per cent said they thought they would never earn that much.
Commenting on the research, REST chief executive Damian Hill said it indicated that although Gen Y had high aspirations, a "super reality check" was required to help some to realistically achieve these goals.
"Gen Y should be applauded for their desire to build a bright future for themselves, and for demonstrating a healthy savings mentality," he said.
"However many are already carrying debt and they risk falling short of their longer term aspirations if they don’t act early to ensure they have the money to fund them."
