Australians forced to choose work or home | Liverpool City Champion

While talk of a large post-pandemic resignation is rife, new research suggests many Australian workers are inclined to stay put.

Only 7.6% of them traded concerts in 2020 and that is a figure that has been steadily declining from a peak of 19.5% in 1988-89, according to the Australian Bureau of Statistics.

Let the Big Quit become reality once the impact of COVID-19 is finally reduced, who knows. But that doesn’t seem to be happening yet.

A national survey commissioned by lender Bluestone Home Loans finds that 67% of people saving for a mortgage feel pressured to stay with their current employer.

Their concern with otherwise opting out in order to pursue their dream career is that it could reduce their chances of getting a loan approved.

More than half of those polled who already have a mortgage agree in large part because they will have an eye at some point on the renegotiation of its terms.

Millennials are more likely than older generations to hold on in their current jobs: 72% of them vs. 54% of Gen X, 24% of Baby Boomers, and 13% of the Quiet Generation.

The YouGov survey of 1001 Australians also found that feeling trapped in a job or career is almost twice as common among those with children under the age of 18 at home than among those who don’t. do not have any.

Interestingly, those with higher incomes are at least as likely to feel pressured to stay put.

Six in 10 of those earning between $ 100,000 and $ 150,000 said so, as did 57% of those earning over $ 150,000.

The percentage has dropped below 50 for those earning between $ 50,000 and $ 99,000 and to 42 percent for those earning less than $ 50,000.

More than a third of borrowers said they thought pursuing their dream job hurt their chances of buying a home or getting a loan, and 53% of savers thought it would hurt their prospects. future chances.

Of mortgage lenders who are not already in their ideal profession, 40 percent said they plan to pursue their preferred career path within five years of purchasing their home.

A quarter intended to change jobs in the next two years, while 10 percent would likely wait more than five years and the remaining 50 percent had no plans at all.

Bluestone’s director of clientele James Angus says borrowers have unfortunately had to make tough choices.

“At the end of the day, feeling trapped in a job is not good for individuals and it is not good for the health and innovation of the Australian economy,” he said.

“Now more than ever, people have different hopes and aspirations and prefer to choose different paths to success.

“That’s why lenders need to take a more holistic – and human – approach to their lending criteria, especially when many of us don’t conform to the stereotype of what makes a good borrower.”

Associated Australian Press

Comments are closed.