Locked out of homeownership?
Young people fear they will never own their own home, according to a study of over 1,000 individuals by Equiniti.
The firm’s research showed that our financial concerns and priorities change as we move through life, with homeownership proving a major worry for young adults.
A massive 43% of the youngest respondents to the survey, those under 25, said that getting onto the housing ladder was their biggest financial cause for concern. They also worried about paying off student loans and other debts.
A significant 29% of young adults between 25 and 34 also said they worry they will never own their own home, and were still concerned with repaying student debt well into their thirties.
With increasing age came different money concerns. For those in their middle years (aged 35-44), 40% see paying off the mortgage as their biggest financial challenge. While almost a third of 45 year olds and above said they feared not being able to afford to retire.
Phil Ainsley, managing director of employee services at Equiniti, commented:
“The research reinforces our understanding of how the financial challenges for people change as they move through different phases of their live. Whatever stage of life, there is always something that we need to plan for financially.
“The government and the financial services industry have, for years, been encouraging individuals to save for the future, using the likes of incentives, rewards and public awareness campaigns. It is, therefore, concerning that such a large number of respondents in the older age bracket don’t appear to be financially prepared for their retirement.”