The grim truth young Australians are beginning to realise about their future: ‘Only the rich can do it’

Young Australians say they are struggling to find the ‘perfect time’ to start a family amid the cost of living crisis, while older workers say they brought the problem on themselves.

A 24-year-old woman recently shared her dilemma about having children with her partner, when the couple is left with barely $2,000 at the end of the month despite earning a lot.

She earns $100,000 a year, while her boyfriend earns $75,000. The couple recently bought a two-bedroom house for less than $1 million in the suburbs of Sydney.

“We make a lot of money for our age and we’ve been saving since we were 17 to get a big down payment to even get the place. We both have bachelor’s degrees and have worked so hard in our careers and I’m so burned out,” she shared on Reddit.

‘We pay $5,500 a month in mortgage, $500 in other expenses (municipal, water, electricity, insurance) and another $500 in groceries.

“Then we pay for the car, registration, and other minor expenses. We barely have enough to save up decently. We have about $2,000 a month left if we’re lucky, assuming we don’t have any leisure activities.”

The young woman was shocked that it took more than 70 percent of her income just to survive.

“We’re not close, and I can’t imagine anyone else our age being close. For now, we’re surviving. We’re not great, but we’re doing just fine on our own.”

She added: ‘The only problem is that we want children, but I can’t imagine how feasible it is for us OR anyone else to do this. Especially in today’s economy where rent/mortgage is astronomical.’

The young woman indicated that she did not want to work for the rest of her life and that she did not want her children to grow up in a family where they did not have access to what they wanted.

“I want a child to live comfortably, not in a dire poverty situation. I want to be there for my children, not constantly in daycare.

‘I work hard at a second job and do everything I can to make extra money on top of my $100,000 income, but it’s still not enough.

“The truth is that only the rich can have children. It’s heartbreaking.”

The Australian Institute of Family Studies estimates that raising a child costs $170 a week. That’s $8,840 a year, or $159,120 at age 18.

The average house price in Sydney rose 11.7 per cent to $1.396 million in the year to February.

The housing prices in the capital cities are out of reach of someone with an average income of $98,218. Even with the maximum borrowing capacity, this person could only buy a house for $639,000.

Many agreed with and understood the young woman’s situation.

“There is a deep-seated disease in our society that people cannot have children for reasons other than genuine free will and lifestyle interests,” said one.

“It’s not a sprint, it’s an endurance run and you’re just getting started and doing much better than most people,” said another. “Don’t be relatively rich and still unhappy. Have your children. It will be worth it if that’s what you really want.”

Others claimed the couple made a mistake by buying an expensive house in Sydney.

‘I am single and earn a little more [$75,000] and I bought a beautiful four bedroom house for $380,000. Just don’t live in capital cities and you can actually have money to live the way you want,’ said one.

“Buying a million dollars at 24 in one of the most expensive cities in the world for the cost of living. It’s a self-made situation,” echoed another.

A 24-year-old woman recently shared her dilemma about having children with her partner, when the couple is left with barely $2,000 at the end of the month despite earning a lot

“You pay all your expenses with a monthly surplus of $2,000 and you call that struggling?” someone asked.

One of them had difficulty with the young couple describing their situation with the word ‘poverty’.

‘Please don’t use the word poverty to describe your situation or any situation your children might face. You have a stable career and that kind of money coming in, and you live in Australia where the government still takes care of you at worst. You clearly have no idea what poverty really looks like.

“Yes, kids are expensive. When we had two in daycare, it was about $40,000 a year. We’re teachers, so we don’t make a ton of money. And daycare/after-school care (which we have now for the oldest) is just one of many expenses.

“My advice is to get everything off Facebook Marketplace. Don’t worry about buying new stuff, you don’t have to. Baby stuff is expensive.

“There is never a perfect time to have children. Save as much as you can and then have one. You will find a way. Unless you were born rich or got lucky with an investment, your dream of ‘leisure’ is just that.”