Financial landscape changing for youngsters
May 4, 2007 by admin
Filed under News, News-Mortgages
Today’s under-25-year-old’s are too saddled with debt to get married or leave their parents’ home but believe that they will be able to get a mortgage soon.
New research by enagage Mutual Assurance shows that this age group is confident of being able to afford a property much earlier than people did in past generations.
The study shows that under-25s are living with their parents three years longer than older generations did and they are also getting married four years later.
However, they anticipate being able to buy their first home one year earlier despite property prices rising.
The reason behind this seemingly skewed view of the future, says engage, is that today’s under-25s are more accustomed to living with debt than previous generations.
“With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today’s young generation has become more accustomed to living with debt,” said Karl Elliott, engage spokesman. “As a result, attitudes to financial milestones are changing.
“While it is encouraging to see that today’s under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible when it comes to savings.
“By putting away a little and often over the long-term, both parents and off-spring can cope better with the financial milestones to come,” he added.
