Millennials selling their possessions to pay for food – survey
A survey by broker Norton Finance has revealed that over a third of 18 to 34-year-olds are going without food and heating, as stalling salaries and rising living costs turn making-ends-meet into a nightmare for young people.
“With this piece of research we wanted to take a snapshot of British finances, looking at how each generation is handling their money,” the group’s managing director, Paul Stringer, said.
“It struck us that the younger generation is having a tough time at the moment, something that’s evidenced in headlines on a regular basis.”
A whopping 40 percent of those quizzed by Norton Finance admitted to spending beyond their means.
The average British salary showed a minimal 0.3 percent increase this January, but most regional incomes have fallen significantly over the last year. London in particular saw a decline of more than 4 percent, with job vacancies exceeding 244,000.
Costs, on the other hand, have been steadily growing, with the rent on a one-bedroom home costing just over £800 (US$977) per month on average and well over £1,500 per month in the capital.
Many predict things will get much worse for millennials after Article 50 is triggered to begin the formal process of leaving the EU, with last year’s referendum already being blamed for a weak pound and a 1.8 percent rise in inflation.
According to Norton Finance, millennials are also incapable of buying homes and getting rid of bad credit.
According to Resolution Foundation, older generations have made £2.7 trillion for themselves at our (read: millennials) expense.— Bae Grylls (@TheAuracl3) February 14, 2017
“We’re seeing a drop in homeownership in those aged between 25 and 34 and many members of this generation are coming out of university with a large amount of student loan debt,” Stringer added.
Perhaps the most striking finding is that one in 10 youngsters believe it to be unlikely they’ll ever retire.
More than a quarter of those quizzed said they felt as though their parents “definitely” had it better than them. A previous report by the financial group found that one in four millennials are losing sleep over their finances, with many lying to their friends and family about the state of their bank account.