Georgina says young people feel a sense of urgency in the face of rising prices. (Source: Supplied)
For a growing number of young Aussies, their twenties are no longer about partying, travelling, and figuring out what exactly they want to do. They’re about making smart financial decisions and trying to build some wealth before it’s too late.
That’s how it feels for Georgina Cull. The 22-year-old Brisbane worker is attempting a ‘no-spend year’, saving as much as she can while living at home with her parents. She is trying to eliminate as much of her expenses as possible in an attitude dubbed “revenge saving” as young Aussies try to take back control in the face of economic uncertainty and rising house prices.
“I put a few rules in place for myself, like really trying to be conscious with what I’m spending my money on… and I try not to make impulsive decisions,” she told Yahoo Finance.
“I try to buy on discount, take 30 days to think about a purchase, and really budget.”
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She admits it’s probably not the typical mindset of 22-year-olds in years gone by – and has been told as such. But with rising prices, she feels a sense of urgency.
“I think that’s because in the economy that we’re in and the property market, if I don’t get in now, I just don’t see myself ever getting in,” she said.
“I definitely think that younger people are having to think about it early on, because just the way that things are looking it’s seeming quite impossible.”
According to new survey data from insurance giant Youi, a growing number of young Aussies are cutting back on their spending, with 87 per cent saying they feel more financial pressure than previous years.
The biggest items people reported cutting back on were eating out (72 per cent), entertainment (57 per cent), self care (41 per cent), groceries (40 per cent) and streaming (29 per cent).
Meanwhile only 34 per cent of Gen Z Aussies said they believe they’ll be able to afford a house in the next 10 years.
For Georgina, she has been approved for the federal government’s new Help to Buy scheme with the Commonwealth Bank, one of only two lenders involved in the new program.
The scheme allows homebuyers to share home ownership with the government and buy with a deposit of as little as 2 per cent, with the taxpayer chipping in for as much as 30 per cent for existing homes and 40 percent for new builds.
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Some 278 Aussie households have already purchased their homes, while more than 2,078 are preparing to buy. According to data from Housing Australia released last week, the median deposit for the scheme has been just $29,000.
“I am a bit cautious of it honestly, mainly because it is a new scheme and there is ongoing eligibility requirements,” she said.
But the plan is to use the scheme to buy a property along with her sister, for the two of them to live in. They have been pre-approved and are looking for the right place.
“I want to set myself up now when I’m young, so, you know, have some more financial freedom in the future,” Georgina said.
Duplex apartments advertised for sale in Brisbane. (Source: Getty) · Bloomberg via Getty Images
Financial commentator and economic futurist Evan Lucas believes the impact the Covid pandemic and subsequent inflation had on Gen Z has been profound on their approach to money.
“They have to be vigilant and savvy to make sure that they can keep ahead of the cost of living,” he told Yahoo Finance.
And part of that is strongly assessing their spending and trying to eliminate or reduce their fixed costs to bolster their savings account.
“Revenge saving is about making sure that you are ahead of risk events,” he said.
“And that means the one standout thing that we know from the research is that fixed cost expenses are the things that are actually putting the most amount of pressure on you, and it’s a revenge against them.”
And that often means reviewing what you pay to legacy providers, he advised. For instance, research released earlier this year showed Aussies paid a collective $6.7 billion in so-called loyalty tax for their utilities in 2025, prompting a warning to shop around to reduce such quarterly expenses.
“We know loyalty is a killer,” Lucas said.
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