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  • Writer's pictureSteve

Deposit comes fifth on Millennials list

When it comes to savings goals, millennials it seems are keen to do things like build up an emergency fund, achieve financial freedom and travel the world, meaning that a deposit for a property comes further down their priority list in fifth position.

Although 95% would like to buy a house at some point in the future, 31% do not think it will happen and 29% are only hopeful about their chances.

Millennials often favour experiences over the acquisition of tangible assets like a home. By contrast, baby boomers often put buying a property at the top of their savings list. Baby boomers can find themselves financially stretched through giving away cash to help their children and grandchildren buy property; unsurprisingly, the Bank of Mum and Dad is now classed as a top ten UK mortgage lender.

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