A round-up of the top millennial stories from the past seven days. Find out how much millennials should be saving in retirement and why they’re not buying life insurance. Plus, why does an estate agent thinks millennials should stop buying sandwiches?
Upmarket estate agent Strutt & Parker has ruffled a few feathers this week with some advice it’s offered to millennials. It claims millennials can make vast cuts to their spending —possibly enough to buy them a house in London — by foregoing a few simple luxuries. According to its calculations, foregoing a weekly night out could save nearly £6,000 a year while bringing your lunch from home could save you around £2,500 over the same period.
The lottery industry (in the US) is failing to entice millennials according to this piece in GenFKD. A study by Gallup found that only one-third of Americans aged 18 to 24 have played the lottery compared with two-thirds of those aged between 50 and 64. The author attributes this to a culture of instant gratification — millennials prefer live events and experiences so are unwilling to wait for the lottery results to be released days after buying a ticket.
This interesting infographic comes from Life Happens, a nonprofit organization dedicated to educating Americans about the importance of life insurance. It’s been developed from the organisation’s Insurance Barometer Study and considers what’s stopping millennials from buying life insurance. Unsurprisingly, competing financial priorities are top of the list —80% said they had other things to spend their money on right now.
This piece in the Financial Times looks at younger workers’ retirement prospects. It centres on a junior doctor who decided to opt out of his NHS pension until he had paid back some outstanding debts, incurred from study. The article warns that putting off paying into a pension could mean younger workers have to pay catch-up at a later date if they are to retire with enough savings.
The millennial generation could become the most unequal one in history, according to research by Credit Suisse. The report, which focuses on the US, Germany, France, and Spain, shows that millennials are generally saddled with more student debt, less inherited money and stricter mortgages than previous generations. But on the other side of the coin, the number of billionaires in this age segment is rising, doubling from just 21 in 2003 to 46 in 2017.
A US survey of workplace managers by APPrise Mobile, a mobile communications firm, has found that millennials are wary of Generation Z, the generation now starting to come of age, as they begin to dip their toes into working life.
In particular, they were concerned about how Gen Z will slot into company culture. The study also found 26% of respondents believe it will be more difficult to communicate with employees from Gen Z compared to older generations and 29% expect it to be more difficult to train them.
If there are any stories you would like to see featured in future round-ups, feel free to tweet me at @sophierobson2.