British under-25s are more accepting of debt
In debt, single and living at home - the youth of today
Thursday, 03 May 2007 10:50
Young adults in the UK are living at home longer, getting into more debt, and are less likely to be married than their grandparent's generation.
Research by Engage Mutual reveals British under-25s are now delaying moving out of their parents' home by three years and getting married four-and-a-half years later than previous generations.
At the same time, younger UK residents are increasingly accepting debt and plan to buy their first home almost a year sooner than their grandparents.
While 58 per cent of current retirees bought their first home before they were 30, some 61 per cent of under-25s have either already bought or are anticipating buying a home before they are 30.
Scotland is where this difference is sharpest, with retired Scots not getting onto the property ladder until they were 32 while young Scots anticipate buying a home by the time they are 27.
"Young people today face a very different financial landscape than today's retirees faced forty years ago," said Karl Elliott of Engage Mutual.
"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. 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."