Paying off debt and renting without stress: how Millennials and Gen Z are rewriting Britain’s money milestones
More than half of Millennial and Gen Z adults in the UK (54%) believe traditional financial goals, such as buying a first home or marrying by a certain age, no longer resonate with their lives. Meanwhile, almost six in 10 UK adults aged 18-45 (59%) believe home ownership is inaccessible for their generation today and a further 45% see themselves renting for the foreseeable future.
A new report by Citypress found that Millennial and Gen Z adults are disengaged with traditional measures of financial success. The findings were developed in partnership with Censuswide, following a survey of 2,000 people aged between 18-45.
In
light of wider economic and political pressures, just
over half of respondents (52%) believe traditional money
goals are no longer realistic. The report finds a
generational shift in how financial success is
defined. Instead, a new set of money
milestones is emerging – from paying off a credit
card, to funding a career break or building a
three-month rainy-day fund.
As a result, the research found 40% of 18-45 year old's believe financial services brands like banks, pensions providers or insurers are increasingly ‘missing the mark’ and failing to connect with Millennials and Gen Z in their current circumstances.
Joey Ng, Head of Financial Services at Citypress, said: “For many younger adults, traditional markers of financial success are simply out of reach. Buying a home by 30, retiring at 65 or feeling ‘sorted’ by a certain age are no longer relevant financial milestones.
“But young
people aren’t giving up on ambition. Financial
success just looks different when you’re navigating
higher housing costs, later life stages, mounting student debt and rising cost
of everyday life."