Spending Loan Habits of UK Millennials
Infographic created for Clever Loans
There’s this statement that Millennials, including the UK younger generation, can’t buy a home. Based on a study, only 31% of UK Millennials own a property, behind the global average of 40%. Furthermore, around 74% of UK Millennials reported they plan to buy a house within five years, the lowest of all countries surveyed.
This report only comes up with a question: where did Millennials spend their money?
Let’s take a look at what Millennials have purchased so far.
Spend More, Worry Less
This young generation tends to notice their appearance. Over 75% of Millennials want the same clothes, cars, and gadgets as their peers. Millennials crave luxurious lifestyles such as nights out and brunches. These are what cost them a lot more than previous generations.
With social media, many people are able to flaunt their wealth and lifestyle. Millennials tend to overspend when it comes to their finances. The latest brunch places, cafes, handbags, events, or even as simple as morning coffees can thin their wallets in no time. Moreover, they’re living in a cashless payment era which can pay anything using QR code generator or e-wallet.
Although the UK Millennials’ financial confidence increased by 81% as per Charles Swap Survey than Baby Boomers, the Millennials’ number with any savings fell significantly from 59% to 47% between 2010 and 2014. It supports the statement that this generation can’t afford to buy a home.
Only 37% of UK Millennials between the age of 25-34 own homes compared to 45% of Baby Boomers at the same period. Further studies state that Millennials are a coffee enthusiast and takeaway fanatic. They also tend to purchase something that supports their lifestyle.
This habit causes another alarming situation in that seven out of ten UK Millennials need to borrow cash for monthly bills and daily expenses. Therefore, it isn’t surprising that they are among the critical ages to watch out for their savings.
For more information about the UK Millennials’ spending loan habits, check out the infographic below.
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