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Millennials are destined to be part of ‘generation rent’ forever

Millennials no longer prioritise owning a home and are destined to be part of ‘generation rent’ forever

  • New study shows that 60% of those aged between 18 and 35 think they will rent forever
  • This is despite a initiatives launched by the Government to help young people to become homeowners

Six in ten millennials no longer have owning a home as a long-term financial priority

A majority of millennials no longer have owning a home as a long-term financial priority, according to a survey published today by money app Yolt.

It indicates that 60 per cent of those aged between 18 and 35 believe they are destined to be part of ‘generation rent’ forever. 

This is despite a series of initiatives launched by the Government to help young people to become homeowners. 

These include first-time buyer stamp duty breaks and the launch of the Lifetime Individual Savings Account (Lisa) designed to help people build a home deposit. 

Yolt boss Pauline van Brakel believes many millennials are now prioritising long-term saving over buying a home – as well as spending less now to ensure they are building a financial buffer.

Meanwhile, Michael Johnson, one of the architects of the Lisa, wants parents to be allowed to set them up for children from the day they are born.

 



Read more at DailyMail.co.uk


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