So, millenials are wasting money on items that improve their ‘status’
OK, we'll be the first to admit that we could use some help in the finance department.
Between the increased cost of living in Ireland, and a minimum wage that doesn't even nearly reflect this, finding enough money (or any at all) to put away for a rainy day can be a real struggle – but hey, we're trying.
We all remember that millionaire who said millennials would be able to afford house if they stopped buying avocado toast, right?
Well, if that observation was enough to get your blood boiling, you're not going to like what this new study has to say.
Research conducted by insurance company, Direct Line, found that millions of young people are only spending their money on things that will improve their 'status'.
Apparently, almost 25 per cent of 18-34 year-olds surveyed admitted that reality TV shows influenced them to put an emphasis on wealth and luxury possessions.
Over a third revealed they had boasted about new possessions on social media and 20 per cent said there was no point owning something nice if other people didn't know about it.
In an attempt to explain why the focus for the millenial generation is on short-term satisfaction from luxury goods rather than long-term goals, Liz Emerson, the co-founder of the Intergenerational Foundation spoke to The Independent.
She said: “Today’s young professionals already face a marginal tax rate of 41 per cent after student loan repayments, national insurance, and income tax. That is before the depressing reality that younger workers are unlikely to ever own a home of their own, or have adequate pensions, unlike their parent’s generation.
“Even moving out to rent has become increasingly unaffordable due to declining wages and the high cost of housing. With a third of graduates now in non-graduate jobs there may be little to look forward to in the future beyond a luxury purchase now and again.”
So, basically we need to start looking at the bigger picture when it comes to our finances, but given the depressing reality of the economic climate, it doesn't hurt to treat yo'self every once in a while – am I right?