Millennials think they've drawn the financial short straw

The overwhelming majority of the so-called 'millennial' technology contemplate themselves to have drawn the brief straw by way of monetary well-being, a survey suggests.

In distinction two-thirds of the 'baby-boomer' technology - these born within the years following the second world battle - agree they've been fortunate financially.

A survey of greater than 2,000 buyers who maintain on-line accounts with Hargreaves Lansdown discovered that simply 15 per cent of these aged between 18 and 35 really feel fortunate or very fortunate financially in contrast with different age teams, whereas 62 per cent really feel their technology is unfortunate or very unfortunate.

Millennial angst: Simply 15 per cent of these aged between 18 and 35 really feel fortunate or very fortunate financially in contrast with different age teams.

That compares to the 72 per cent of these aged between 51 and 70 who understand themselves to be fortunate or very fortunate within the financial stakes.

The survey of 'DIY buyers' - who use free data and on-line instruments to make their very own funding choices - discovered essentially the most aged felt the luckiest: amongst these older than 71, 83 per cent thought-about themselves to be fortunate or very fortunate.

Of 'Era X' - or 36 to 50 year-olds - 42 per cent thought-about themselves to be financially fortunate or very fortunate.

The wrestle to get on the housing ladder was a key frustration for a lot of millennials, with practically one in 4 (24 per cent) of these surveyed saying they needed to purchase a home however couldn't afford to for the time being.

Almost 9 in 10 (86 per cent) of millennials surveyed really feel the housing market is over-priced or in a bubble - though round a 3rd (36 per cent) of individuals on this age group assume they might want to depend on property as a part of their retirement plans. This in contrast with lower than one in 5 (19 per cent) of baby-boomers who're counting on property to fund a part of their retirement.

Brexit blues: Seven out of 10 (70 per cent) millennials surveyed assume the vote to depart the EU could have a adverse impact on the economic system within the subsequent 12 months.

Laith Khalaf, a senior analyst at Hargreaves Lansdown, stated: 'Millennials appear to have a conflicted relationship with the housing market, as many wish to purchase a property, even if 9 out of 10 of them assume the market is over-priced.

'Towards a backdrop of rising rents, this obvious paradox is little doubt a consequence of being caught between a rock and a tough place.'

Hargreaves Lansdown additionally highlighted a distinction between the generations when it got here to attitudes to low rates of interest, which have helped debtors together with mortgage holders however harm savers who've suffered depressing returns.

Greater than a 3rd (34 per cent) of millennials felt low rates of interest had helped their monetary state of affairs, as did 41.5 per cent of these within the technology X age group.

However solely 7 per cent of these aged 71-plus felt the identical manner and greater than half (56 per cent) on this age group felt ultra-low charges had broken their monetary state of affairs.

Simply over half (50.5 per cent) of baby-boomers additionally felt low rates of interest had broken their monetary state of affairs, in contrast with round one in 4 (27 per cent) of millennials and folks within the technology X age group.

In the meantime, millennials are significantly downbeat in terms of the consequences of Brexit on the economic system. Seven out of 10 (70 per cent) millennials surveyed assume the vote to depart the EU could have a adverse impact on the economic system within the subsequent 12 months, whereas solely round one in 10 (9 per cent) assume it would have a optimistic impact.

Some within the older generations did share related issues, with 56 per cent of these in technology X anticipating Brexit to have a adverse impact on the economic system within the subsequent 12 months, together with 43 per cent of baby-boomers and round a 3rd (34 per cent) of individuals aged 71-plus.

However throughout the generations, expectations for the following 10 years have been much less adverse, with 40 per cent of millennials feeling Brexit could have a optimistic impact on the economic system over the approaching decade, together with 47 per cent of technology X, 60 per cent of baby-boomers and 68 per cent of these aged 71-plus.

 

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