Us Millennials have got used to being told about all the things that we
can't
have. While the generation before us were able to land the job of their dreams, climb the property ladder and build tight-knit nuclear family units, we are finding it increasingly difficult to secure employment, let alone save up to buy extortionately-priced homes. I mean, we have to prioritise our avocado toast habit, right?
It's no secret that the younger generation is being priced out of cosmopolitan areas. While the price of
continue to rise and rise, our pay-checks struggle to keep up, seemingly condemning us to a lifetime of renting unaffordable apartments. However, one British based real estate company recently proffered some advice on how we could save enough to afford a housing deposit, and it left us feeling
seriously
unimpressed...
UK based real estate agency, Strutt
&
Parker, has got Millennials up in arms after suggesting that they could save enough for a housing deposit by making a few simple lifestyle changes over the course of five years.
Analysis conducted by the company determined that if "generation rent" were to give up six "luxuries", they'd be able to save the £64,000 needed for an average London deposit. And these "relatively small changes" included giving up phone upgrades and takeouts.
In fact, according to Strutt
&
Parker's calculations, if Millennials were to give up their weekly night out, they could save over £6,000 a year, with cutting out takeaway meals knocking off a further £2,640.
Prepping lunch at home rather than buying sandwiches from chains such as Pret a Manger could raise £2,576 on average, while forgoing your annual holiday would provide prospective property owners with an additional £700.
The real estate agency even went as far to advise Millennials to stop buying lottery tickets, which could set them back a substantial £832. And opting for a mobile upgrade was also something that Strutt
&
Parker decided could be sacrificed, as it could save them a further £154 each year.
Speaking about their findings, Stephanie McMahon, the head of research from Strutt
&
Parker said, "Affordability is a problem for every major city around the world.
Getting on the property ladder in London is harder than ever, and with an average deposit of £94,000, people are thinking, ‘What luxuries am I willing to forgo now that will pay off five years down the line?' [...] In London, it is raising the deposit that is a particular challenge."
And naturally, the Millennials of Twitter had a field day. Not only did they believe the company to be thoroughly out-of-touch with the realities of being a young professional in London, but they were also pretty dubious of of their calculations.
"So,
this estate agents reckons we spend £120 every week on nights out, £50 per week on takeaways, £50 per week on lunches and £700 per year on holidays. Also, I hate to break it to you
@
struttandparker
but I know no-one who does the lottery", one Twitter user wrote, while another corroborated "I don't know a millennial couple with a sandwich addiction, penchant for £1,400 city breaks and a compulsion to over-spend on lottery tickets."
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So, I guess it's safe to say that the Baby-Boomers do not understand us,
at all
.
