In a world where the aroma of freshly brewed coffee is almost as ubiquitous as the air we breathe, it’s no surprise that Australians have developed a love affair with their local baristas. But could this caffeinated devotion be the very thing that’s keeping younger generations from stepping onto the property ladder? According to one outspoken baby boomer columnist, the answer is a resounding yes.
Peter Goers, an ABC Radio Adelaide presenter and Sunday Mail columnist, has stirred up a storm of controversy by suggesting that millennials’ daily coffee habit is siphoning away their chances of home ownership. In his view, the $7 splurged on a cup of cafe-quality coffee is not just a simple indulgence but an addiction that’s costing young Australians dearly.
Goers, who has spent his adult life sipping on black coffee and Coca-Cola, points out that these are far cheaper options compared to the hefty sums spent at cafes. With coffee prices on the rise due to a cost-of-living crisis and increasing global coffee bean prices, he argues that the expense is becoming unsustainable for those dreaming of buying a home.
The columnist’s math is straightforward: two $7 coffees a day add up to $5,100 a year, which balloons to a staggering $51,000 over a decade. That’s a significant portion of a house deposit gone, quite literally, down the drain.
But is it fair to pin the blame for millennials’ housing woes on their coffee consumption? Goers seems to think so, pointing to the proliferation of cup holders in cars and on shopping trolleys as evidence of a society obsessed with coffee culture. He suggests a switch to instant coffee, highlighting the cost-effectiveness of a 500g tin of Nescafe for $16, which can yield around 90 cups at a mere 17.7 cents each.
This isn’t the first time baby boomers have taken aim at the spending habits of younger generations. From the infamous ‘smashed avocado debate’ to critiques of branded clothing and overseas holidays, older Australians have often suggested that millennials’ lifestyle choices are to blame for their financial struggles.
This ongoing narrative was reignited when Tim Gurner, an Australian property developer, drew attention with his claim that millennials could afford houses by simply cutting back on their brunch indulgences.
While cutting back on daily luxuries can certainly contribute to savings, it’s important to recognise that the barriers to homeownership are multifaceted. Factors such as job security, wage growth, and the availability of affordable housing all play critical roles in this equation.
As we explore the complexities of millennials’ home-buying struggles, do you think the $7 coffee habit plays a significant role, or is it an oversimplified explanation of broader financial challenges? How do you manage your coffee cravings alongside your financial goals? Share your thoughts in the comments—we’d love to hear how you balance modern life with future aspirations.
Also read: Aussies react to soaring coffee prices: Is your daily brew becoming a luxury?
