Although 95% ofmillennialswould like to buy a house in the future, nearly a third (31%) do not think it will happen and 29% were only hopeful about their chances, cashback shopping site, TopCashback has found.
Although 95% ofmillennialswould like to buy a house in the future, nearly a third (31%) do not think it will happen and 29% were only hopeful about their chances, cashback shopping site, TopCashback has found.
Just 39% were sure they will buy a property. The uncertainty as to whether they will be able to invest in bricks and mortar meansmillennialsare focusing on financial security and life experiences as savings goals instead.
Just over a third (35%) ofmillennialssaid a deposit for a house is their main savings goal, though that is is trumped by building an emergency fund (51%), a savings cushion (43%), achieving financial freedom (40%) and having money to travel and go on holiday regularly (37%).
Natasha Rachel Smith, consumer-money expertforTopCashback, said:“Our research showsmillennialsare being sensible with their money and thinking about financial security.
“However, the current economic climate, and a change in lifestyle – people marrying and having children later – meansmillennialsare favouring experiences over possessions and have different financial priorities at this point in their lives.
“While it may be later in life and less of a priority than it was in the past, it is important formillennialsto put money aside regularly and be savvy with their spending, so they are prepared when the opportunity to buy a property does arise.”
Similarly,millennials’ main goals in life were to be healthy (49%), have financial freedom (36%) and be financially stable (30%). Buying a house came eighth on the list at just 19%.
Even of themillennialswho are optimistic about getting on the property ladder, just under half (47%) thought it will happen in the next five years. As to whymillennialsare looking to get onto the property ladder sooner, 64% blamed the cost of housing rising quicker than salaries and 56% not earning enough money for a deposit. Some 37% put it down to living costs being too high to save.
Of the 31% ofmillennialswho are unsure they will own a property, more than half (56%) saw privately renting with a partner as a long-term preference and more than a quarter (26%) planned to rent a place on their own.
With the chances of owning a house off the cards,millennialshave alternative goals for the next five years.
More than a third (35%) would like to rent somewhere with outdoor space or a garden, three in 10 (29%) would like to rent a property with a car parking space and just over a quarter (26%) would like somewhere they could decorate to their own taste.
In the next five years, 13% saw renting somewhere that it large enough to host dinner parties as a goal.
