Almost two-thirds of Australians believe the next generation will never be able to afford their own home.
New research by MLC, part of National Australia Bank's wealth management division, also found one-third of parents are concerned their children will not enjoy the same standard of living as their own.
MLC chief executive Andrew Hagger said there has always been an expectation that future generations will do better than people today, yet these findings paint a different picture.
"It's concerning to see so many people are worried about how their children will afford their own homes and live a comfortable lifestyle," Mr Hagger said, releasing the survey of 2000 Australians views on Sunday.
Those worries also spread to half of those surveyed who believe they won't be able to maintain their own lifestyle in 10 years time.
One-in-five expect they will need to rely on family inheritance to pay off their mortgage or ensure their financial stability.
However, while just over half of those in retirement rely on the aged pension, only around two-in-five Australians who are entering retirement believe they will need to rely on the government.
Mr Hagger said this is a positive sign that the superannuation system is increasing self-sufficiency in retirement.
"That is why it is more critical than ever the objectives of super are enshrined in law as swiftly as possible to avoid constant political tinkering and provide stability and certainly to all Australians," he said.
The federal government is currently seeking submissions to a discussion paper that aims to enshrine the objective of superannuation into law as recommended by the Murray review into the financial system.
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