There are few generations quite as interesting as us millennials. We’re widely criticised and misunderstood, often considered as lazy and self entitled by older folk. But as a demographic, we’ve done a lot of good. We’re entrepreneurs who are carving new paths in business and career thanks to the fact we’re savvy with technology. We’re the most ethnically and racially diverse generation, meaning we’re more accepting of others- we’ve pushed forward movements such as gay marriage and gender equality. And as a generation, we’re more educated and informed than others that have come before us. However, it’s not all good news for Millennials and if we’re looking at general trends, there are a few things we could be considered ‘guilty’ of. If you’re looking to get ahead, here are some things you can do.
Buy your own home
Millennials are less likely to be homeowners compared with older generations, and there are a few reasons for this. First, we’re the age group that grew up in the recession, which has meant many of us are jaded with our feelings around borrowing money. High house prices and a struggling economy (that’s only just recovering now) meant that even those who did want to own homes, doing so was often out of reach. Millennials also tend to like living in and around big cities where there’s plenty to do, where house prices are even higher. It’s always worth getting on the property ladder, if you’re able to save up for a deposit then it’s best to do so. You could even buy something cheap and fix it up over a couple of years- get new windows and doors, rejig the layout and have a new bathroom and kitchen fitted over a period of time. This would allow you to add value and own a home that you wouldn’t have been able to afford in a ‘move in ready’ state.
Learn to drive
Millennials drive much later than previous generations have. The high cost of living is one thing to blame here, high driving lesson prices along with zero hour contracts and money being tight can have people feeling like learning to drive isn’t a priority. Again, coming back to the fact that Millennials tend to like cities, where public transport links are good but your can’t really drive your own car easily, it’s no wonder so many put it off. But learning to drive is a smart move, you never know when you might need it. What if you want to move away and transport links aren’t great, or you get a fantastic job offer but it requires you to drive?
Get your finances in order
Millennials are known for spending on frivolous things– expensive coffee, meals out, artisan products and more. This is despite the fact that due to the economy, many are struggling financially. Get your budget in order, stick to a plan and be careful of overspending.