It is by no means a secret that getting on the property ladder today is more challenging than it was forty, twenty, even ten years ago, and according to some millennials, it may never even happen!
Millennials experience life very differently to generations gone by. It’s clear a financial squeeze is gripping the nation and limiting opportunities, particularly when it comes to owning a property, causing many to fear that they’re being priced out and will never be able to afford their own home.
With a higher number of millennials renting and living with their parents, they admit to delaying learning the life skills necessary to make it on their own. And, with solutions often available at our fingertips, they confess to becoming far more susceptible to paying for convenience services.
VoucherCodes.co.uk, the leading savings site, surveyed over 2,000 people across the country and discovered that just a quarter of millennials currently own or have shared ownership of a property. The average millennial believes that the deposit on a property would cost them £28,035 and only a third believe that it would take them less than 5 years to save for it. Indeed, with the average millennial expecting to then pay £542.90 per month on a mortgage, as many as 1 in 4 fear they will never be able to afford to own a property.
A third of Brits believe that it is harder for millennials to buy property now than it was 10 years ago and 1 in 10 think it is something that only the older generation can afford. The research has discovered that millennials are twice as likely to need a loan than those aged over 45 years old (28% vs. 15%) and are three times as likely to need financial support from relatives (25% vs. 7%).
Incredibly, while a half of millennials choose to rent, there are many who are still living with their parents in an effort to save money. However, it is still far from free, with the average millennial paying their parents £280.90 per month compared to the £513.80 they’re paying their landlord for a rented property.
Granted, saving for a deposit is made easier by staying at home for longer, but does it result in millennials becoming less equipped to manage their own home?
The research discovered that just 2 out of 5 millennials are responsible for their home maintenance, with a fifth admitting they still rely solely on their parents help.
With circumstances leading a fifth of millennials to lean heavily on their parents and landlords for life skills around the home, the research has revealed just how reliant they have become. Extraordinarily, a half of millennials admit that they have never changed a lightbulb, ironed their clothes or cleaned the toilet.
Convenience services mean that we now have a wealth of products at our fingertips; however, the research has found that millennials welcome the opportunity to stay at home in their comfort zone. A third of millennials say they wouldn’t be able to live without takeaway delivery or next day delivery services, with a quarter saying they need food delivery apps in their lives.
A fifth of millennials believe that convenience services have caused them to spend more money and become lazier. Despite this, almost half wish their local corner shop offered delivery and a third would love a ripe avocado delivery service.
With the internet playing a huge role in our home lives, over two-thirds of millennials say they would be willing to pay for same day internet repair. It has also been discovered that one-third of millennials would pay someone an average of £9.29 to be their Netflix consultant, allowing them to choose what shows they watch.
There is an increasing pressure and expectation to protect the environment, and there is a tendency to assume that millennials are more open to taking measures to do so. However, the research has revealed that just a third of millennials think it’s very important to protect the environment, compared to half of those over 45 years old.
A third of those over 45 years old feel they do everything they can within their means to protect the environment, compared to just 1 in 6 millennials, and this is reflected in their behaviour.
While three-quarters of those over 45 years old actively recycle and use reusable shopping bags, less than half of millennials take the same care. Indeed, it is actually the older generation who are happy to walk short journeys and take public transport. Millennials are far less likely to refrain from using single use plastics, but they are as likely to carry a water bottle.