New research has found that millennials think the older generation had it the easiest
A new study titled “Generation Change” revealed that over half of young people think the older generations had an easier lifestyle. The research conducted by Provident looked at cost comparisons over the last five decades and found that there has been an increase in costs for millennials.
Over a third of British millennials – also known as Generation Y – are insecure about their jobs, with just 34% feeling that they are currently in a ‘job for life’. This varied through the generations with 48% of 35-44 years feeling secure when they were younger. This is similar for 45-54 year olds (52%) and over 55s (71%).
Additionally, over half of young people believe their parents had it easier when getting on the property ladder. With student loan debt in place, millennials already have part of their wage every month towards that. To further the misery, the average price of an affordable UK household has risen from £70,000 to £214,000, according to the research. This in effect, means a large number of 18-24 years old are spending approximately £6,000 or more on rent each year – 20% of their average salary, prior to expenses such as food or bills.
In the 60s and 70s, 29% of 18-34 year olds had a mortgage, compared to nearly half of all millennials today. With figures that predict financial instability for the future, the younger generation are also expected to be less keen to marry, have children or even buy cars or houses.
The research revealed that only one in three millennials are married and from the 1970s, the average age of a UK mother has risen from 25 to 34.