Born in the early 80’s or late 90’s ? (I was, 80’s baby hayyyy). Although we can boast that we are born in the 80’s or 90’s, it is thought that our generation (Generation Y). Is the first generation in modern times, who are likely to be less prosperous than our parents.
With higher competition for jobs, lack of job security, and a higher cost of living. The current climate is a challenging one, and many would say our generation is at a disadvantage.
With high aspirations but with an ever changing economy around us, our aspirations become much harder to reach.
A survey, commission by The Association of Accounting Technicians, asked 2,000 respondents. (both parents of young people and young people themselves) about teenagers finances and careers.
The study found that:
46% of young people want to stop relying on parents financially by 20-23.
Thirty-five per cent want to be financially independent between 24-27.
2 fifths want to earn £30,000 or more (annually) by the time they are 25 (so I’ve failed miserably)
The Office for National Statistics found, that in 2013, approximately 3.3 million (26%) of 20 to 34-year-olds were still living at home. Not surprising considering property’s Across England, have increased 48 times since 1969, from £4,136 to £198,039 (Office for National Statistics).
We are all striving for betterment, we long for that flat or that house, or to start that career that will lead to becoming finically independent. But we are not being met half way, society is already telling us, that we are at a greater disadvantage than our parents.
When in theory you would think, that we would be twice as prosperous as our parents, with more opportunity, more jobs and beter prospects on a whole.
But all these factors means that our generation will have to work longer and harder to achieve what we want. The Government is telling me that my longing to become totally independent, is further on the horizon.
But it’s there, I can see it.
Part of ‘Generation Y’? Do you feel we are at a disadvantage?