Millennials are often given a bad name. Also referred to as Gen Y, this generation is often accused of being lazy, entitled, bad with money and basically the downfall of the human race.
As a member of this generation, I feel these labels are tiresome and unrepresentative of most millennials that I know.
So, in that vein, we surveyed 22 millennials and asked them about their money habits. The results definitely are not congruent with the accepted view of millennials these days!
(It’s important to note, that millennials now are aged between about 21 and 37 years old – so older millennials now have families and young children of their own).
Firstly, of the 22 people surveyed, 17 owned their own home. Of these home owners, many saved a considerable deposit before buying their home. Savings ranged from $10,000 (plus home owners grants) to $120,000! Most own the home with their partner, which is the reality for many younger home-owners, as mortgages can be difficult to service on a single income. Interestingly not many relied on parents to secure the loan. This shows a determination within the generation to do things ‘on their own’ and defies the perception that they sponge from their parents. (Having said that – one respondent divulged that their parents gave them the money for their deposit!)
Very interestingly, most respondents had started saving money as a child – either at birth(!!), in primary school or once they started earning their own money at part-time jobs in their teen years.