Is the Australian homeowner dream dead?

A new study found more than half of adult Australians believe it's almost impossible to own a home in the current financial climate.

A family looks at properties for sale in a property agents window in Sydney on December 5, 2017. Source: Getty

The Salvation Army study, which surveyed more than 1000 people aged over 18, showed a worrying number of people are facing daily financial stress and hardship, forcing many to seek help from charities.

Anna Hamilton was a well-respected former police officer who owned a home on the NSW Central Coast.

But within a matter of months, she became unemployed and homeless.

"We literally ran out of money, there was nowhere to go, so we moved into the car," Ms Hamilton said.

After quitting the police force and losing her new job, Ms Hamilton was forced to sell up and live on the streets with her two dogs.

Eventually, she moved into public housing and got back on her feet, but she said her story is not uncommon.

"There are a lot of people like me, it doesn't take much to trip your life up". 

According to the survey, almost half of Australians were increasingly worried about their finances compared to last year, while 41 per cent said money woes were affecting their overall well-being.

Majority of Australians believe the dream of owning a home is over. Source: AAP

One in four was concerned they didn't have enough paid work to get by and 60 per cent believed they would struggle during retirement.

Salvation Army officer Paul Moulds said more people are turning to charities like the Salvation Army in need of support. 

"The reality is that we're seeing a much broader spectrum of people coming to us for help and I think this survey backs up that a lot of people are concerned about their situation," Mr Moulds said. 

"Most of the big charities have financial counsellors who can sit down with you, work out a budget with you and look at the stressors that are causing that distress".

The survey also found one in three Australians struggled to meet mortgage repayments.

Sydney Real Estate Agent Murray Wood said it's important for homeowners to take on only what they can manage.

"I think everyone feels pressure on their mortgage at one time or another, you just have to plan your mortgage in line with your forecast, having kids, workload, whatever else you're doing," Mr Wood said.

The Salvation Army has asked for suggestions about how it can help ease the financial burden.