The best millennial finance stories of the past fortnight. Find out why more millennials aren’t homeowners, how they are different from Generation Z and why the stereotype of the job-hopping millennial might not be so accurate after all.
It seems it’s not just first time buyers who are looking to their parents for financial help with property. According to this report by Lloyds Banking Group, those buying their second property are also being supported by their parents to the tune of £25,000. It’s not just parents who are being called in to help either – approximately 13% of grandparents will also support their grandchildren in this way. This is thought to be in part because of the lack of affordable housing on the market at the moment.
This week’s FT Money podcast looks at some of the best ways for millennials to save money. It focuses on apps and digital solutions so there are sure to be ones you haven’t come across before.
Research by Urban Institute has shed new light on why more US millennials are not homeowners. While many of the usual reasons were cited, such as millennials spending too much money on pricey rentals and student debt slowing them down, some fresh new angles were also unearthed. Key among these was that millennials are marrying later and thus actively delaying putting down roots – what’s the point of buying a house if you’re not ready to settle?
The recent election to Congress of 28 year old democratic socialist Alexandria Ocasio-Cortez has put millennials and politics back in the spotlight. With the median age among millennials now around 30, we can expect more of this age group to start taking their place in positions of influence. This should lead to a repositioning of policy focus with issues that resonate with millennials like debt, driven by student loans taking centre stage.
Millennials and the next generation down – Generation Z – are often confused by the press. But as this article demonstrates, they differ in some fundamental ways. For instance, while most of the older age group can remember life before smartphones and broadband, most Gen Zs can’t.
Millennials have earned themselves a reputation for being a generation of job-hoppers, but this piece draws on US data to challenge that assertion. The average employee tenure in under 35s is the same as it was in 1983 for instance. However, the author does raise concerns that this might point towards a more rooted, less dynamic American society, in contrast to the more restless one that helped make the country a superpower.