Once upon a time in Australia (say, 1994), a Gen X bloke could leave school, land a bank job, buy a modest fibro in the ’burbs, and still afford a meat pie at the footy. Fast forward to 2025, and his kids are slinging oat milk lattes while paying $500 a week to share a room in Marrickville.

John Burn-Murdoch’s article in the Financial Times (Why Are Young Anglophone Adults So Unhappy? 26 July 2025) hit a nerve. He argues that young adults in English-speaking countries, especially the US, UK, Canada, Australia and New Zealand, are more unhappy than their European peers. Not because they’re fragile or addicted to TikTok (although… maybe), but because the rules have changed, and not in their favour.

He points to housing, income stagnation and eroded social mobility. In Australia, those themes hit especially hard. So let’s dig into what’s happening down here, with a nod to our kids, a wink to our politicians, and maybe a slightly bitter laugh along the way.

The great Australian nightmare, buying a home

Let’s start with the Aussie obsession, property. In 1985, the median Sydney house cost around $75,000. By 2024, it had hit $1.6 million. That’s a 2,000%+ increase, and no, wages haven’t kept up. According to CoreLogic, home values rose 382% between 1993 and 2023. Average full-time wages? Just 113%.

Meanwhile, home ownership among under-40s has nosedived. In 1981, 60% of Australians aged 25–34 owned a home. By 2021, that figure had fallen to 40%, and it’s still dropping. In short, Boomers got the beach shack. Millennials got avocado toast. Gen Z? They’re renting shoeboxes from landlords with Labradors named Equity.

It’s not just the market, it’s the model

Burn-Murdoch’s core insight is brutal, Anglophone countries have let individualistic economics erode the social contract. Continental Europe, by contrast, has focused on stable rent, stronger safety nets and pathways to ownership or secure, long-term tenancy.

Australia, like the UK and US, clung to the myth of the self-made homeowner. But with land scarcity, rising population and decades of investor-friendly tax settings (hello, negative gearing), young Australians are playing a rigged game. Even superannuation isn’t safe, more and more young people are dipping into it just to survive or secure a deposit.

What’s being done, sort of

The government has thrown out a few lifelines. The First Home Guarantee Scheme helps buyers with a 5% deposit. Help to Buy (coming soon) offers shared equity, with the government covering up to 40% of the cost. The Regional First Home Buyer Guarantee might suit those who can brave bushfires, droughts and dodgy Wi-Fi.

But they’re band-aids on bullet wounds. The real problems, chronic undersupply, investor tax perks and planning logjams, remain untouched.

What can dads (and mums) do?

It’s easy to throw up your hands. But it’s far more useful, and satisfying, to actually help. Whether you’ve got a portfolio or just a bit of life wisdom, here are some Don’t Let The Old Man In-style strategies to give your kids a fighting chance.

Teach financial literacy early (and repeatedly)

• How compound interest works (magic when it’s savings, evil when it’s credit card debt).
• Why a budget isn’t a prison, it’s a plan for freedom.
• Why emergency funds matter (and no, Afterpay doesn’t count).

Demystify ETFs and passive investing

• Forget picking stocks. Low-cost exchange-traded funds (ETFs) are one of the best long-term strategies out there.
• Show them how to use apps like Stake, Superhero or even good old CommSec.
• The aim? Invest early, invest often, and keep it boring.

Rethink the dream, own value, not just land

• Europe thrives without universal home ownership. So can we.
• Teach your kids that security can come from owning value—shares, a small business, even a vintage guitar collection.

Rent with strategy, two beds are better than one

• Buy modest, rent out the second room.
• Not glamorous. Very smart. Mortgage relief and a crash course in property management.

The ‘stay-at-home-but-not-on-the-couch’ clause

• Set ground rules, rent goes into savings, not Uber Eats.
• Budgeting app updates are non-negotiable.
• Make the stay feel more launchpad than lounge room.

Bring back dinner rotations (and other lost arts)

• Rotate home-cooked dinners with a few mates.
• Cheaper, healthier and arguably more fun (depending who’s on dishes).

Be the anti-Boomer

• Don’t shame them for not owning a home. Empathise.
• Support housing reform, fair rents and better planning.

Gift with purpose

• Help intentionally. Deposit top-ups, interest-free loans or savings matches are great.
• Better still, offer guidance before you open your wallet.

Final thought

Our kids aren’t naive. They know the deal is worse than what we got. Stories of “back in my day” won’t cut it. But involvement might. If our generation won the game and then pulled the ladder up behind us, the least we can do now is help rebuild it. Make it more equitable, more creative, more human.

And if that means spag bol at Dave and Lisa’s every third Tuesday instead of $120 Thai on Friday? Not so bad. Let’s not let the old man in. Let’s help the next generation find a way through.

There’s a reason the podcast Don’t Let the Old Man In resonates with thousands of men in their 50s. It speaks to the quiet war many fight against obsolescence, irrelevance, and a determination to navigate life’s crossroads with clarity and confidence. And likewise, if you’re reading this, you haven’t given up. You’re still curious. Maya Angelou once said, “If you’re always trying to be normal, you will never know how amazing you can be.” Midlife career change isn’t about being extraordinary. It’s about being aligned—with yourself.

Stephen Keys is the Producer of the Don’t Let the Old Man In podcast. Listen on YouTube, Apple, Spotify or wherever you tune in. Find more thoughts on living gracefully (and disgracefully) in the second half of life at The Wisdom Vault, on LinkedIn, Substack and even (!) Instagram.