Millennials have been left with a crippling financial future, due to the 2008 recession. Many of us are struggling to gain stable employment or to get a foot on the property ladder. It seems we are growing up at a much slower rate than our parents. Adulting is a strange concept, yet we all have to learn how to do it. Instead of saving for the future, this generation seem to be splashing their cash at experiences rather than investments. It begs the question, are millennials winging it or do they have a solid plan regarding their futures?
In a world that is globally connected through technology, millennials are more likely to have travelling bucket lists as long as their arms. Travelling costs money, so this generation are choosing to spend their cash on lavish trips rather than putting down roots. As the average age of marriage has gone up by ten years – from 20-30 – it seems that millennials aren’t as focused on settling down. Unlike, their ancestors, 47% of millennials (between the ages of 18-35) would rather spend their money on travelling than buying a house. It seems that there has been a specific shift in their attitude. They may not have assets but their Instagram will be full of holiday snapshots. I suppose each individual is different and we can all define our version of adulting. It just seems like a lot of millennials define their version of adulting through travel.
Work used to just be a means to live. Yet, with the access to communication at every turn, it seems it has become more difficult to switch off from work. Due to this, this generation have decided to place a bigger emphasis on sustaining a work/life balance. Millennials don’t view chasing promotions or owning items like a job title, salary or a house with success. Instead they equate success with having control over how, where and when they work. Due to this, a higher percentage of this generation are choosing to work freelance in remote working conditions. This allows them to achieve other goals such as travelling.
In our parent’s day, there was much more importance on the homestead. People would be concerned with becoming a homeowner and creating a stable environment for their families. Yet with house prices skyrocketing and millennials struggling to gain well paid employment. It seems it has never been harder to get on to the property ladder. As millennials find themselves with lower salaries, recent research suggests that it would take them ten years to save for a 10% deposit on a semi detached house. This is completely off putting and due to the expense, 1 in 3 millennials will never own their own home. This has allowed the shift in attitude to be born. Furthermore, it means that instead of having a house, millennials have decided to spend their income on experiences. Unlike, the generations before it seems that this generation will be less likely to settle.
Unstable Job Market
Following the recession, the job market has never been so unstable. With a huge section of millennials – who are seeking employment- owning degrees. It seems competition has become fiercer due to this. As many applicants look similar on paper, it means employers are now searching for more and more from their perspective employees. With limited jobs available, it seems this contest has been accelerated. With many graduates working in jobs that have no relation to their degrees or not in employment at all, it seems this generation isn’t putting as much emphasis on traditional employment. Instead they have had to redefine what they want. With many of these individuals choosing to create opportunities for themselves. They have done this by working freelance, creating vlogs/ blogs and businesses themselves. This allows them to work for themselves and earn money at the same time.