A round-up of the best stories of the last fortnight. Find out what millennials really spend their money on, why they could (eventually) become the richest generation yet and why some of them might have to wait until the age of 71 to receive the state pension.
In this piece for Wired, Matthew Taylor, CEO of the RSA, presents a refreshingly optimistic view of how the future could look for millennials. According to him, millennials are moving beyond the idea of materialism for materialism’s sake and this could herald a new era of “unprecedented human flourishing”
Do millennials really spend all their money on avocados? This piece by millennial Elle Hunt lifts the lid on the spending habits of a typical millennial. The truth might be more mundane than you think.
It may seem hard to believe, but millennials could become the richest generation yet, according to UBS analyst Paul Donovan. In his view, millennials will eventually inherit the wealth of their baby boomer parents. But before they get too excited, other commentators in the article argue the majority of assets accumulated by the boomers will be used to pay for things like care and retirement so very little is set to filter down to millennials.
Younger millennials at the younger end of the age spectrum may still be classed as adolescents, according to scientists writing for the Lancet Child and Adolescent Health journal. The opinion piece suggested that adolescence now lasted until age 24 – it was previously believed to end at around age 19. This is thought to be because young people were putting off major life decisions such as getting married and buying houses. It could have implications for how the law views this age group according to the authors
Younger millennials could have to wait until they are 71 before they can claim their state pension. A report by the Government Actuary’s Department revealed that the state pension age will need to rise by about a year every decade to remain affordable.