ONE IN FOUR MILLENNIALS STILL LIVE AT HOME WITH THEIR PARENTS – HALF HAVE NEVER CHANGED A LIGHTBULB
It is by no means a secret that getting on the property ladder today is more challenging than it was forty, twenty, even ten years ago, and according to some millennials, it may never even happen!
VoucherCodes.co.uk, the leading savings site, surveyed over 2,000 people across the country and discovered that just a quarter (25%) of millennials currently own or have shared ownership of a property. The average millennial believes that the deposit on a property would cost them £28,035 and only a third (35%) believe that it would take them less than 5 years to save for it. Indeed, with the average millennial expecting to then pay £542.90 per month on a mortgage, as many as 1 in 4 (24%) fear they will never be able to afford to own a property.
A third (30%) of Brits believe that it is harder for millennials to buy property now than it was 10 years ago and 1 in 10 (12%) think it is something that only the older generation can afford. The research has discovered that millennials are twice as likely to need a loan than those aged over 45 years old (28% vs. 15%) and are three times as likely to need financial support from relatives (25% vs. 7%).
Incredibly, while a half (48%) of millennials choose to rent, there are many who are still living with their parents (23%) in an effort to save money. However, it is still far from free, with the average millennial paying their parents £280.90 per month compared to the £513.80 they’re paying their landlord for a rented property.
Home responsibilities
Granted, saving for a deposit is made easier by staying at home for longer, but does it result in millennials becoming less equipped to manage their own home? The research discovered that just 2 out of 5 (42%) millennials are responsible for their home maintenance, with a fifth (22%) admitting they still rely solely on their parents help.
With circumstances leading a fifth (22%) of millennials to lean heavily on their parents and landlords for life skills around the home, the research has revealed just how reliant they have become. Extraordinarily, a half of millennials admit that they have never changed a lightbulb (50%), ironed their clothes (48%) or cleaned the toilet (47%). A tenth (8%) admit they have actually paid someone to unblock the toilet, while 1 in 20 (5%) confess they’ve paid someone to change a lightbulb.
