The financial reality of being a millennial
If you were born between the early 1990s to the mid-1990s, then unfortunately you fall into the millennial category. You’ll have seen politicians telling you that if you really want to save up for a house you should stop drinking so much posh coffee – but recent facts and figures have proven that it’s not just as easy as giving up on your caffeine fix.
Is it time to dream smaller?
A recent survey by the Office of National Statistics found that half of 16 to 17 year olds expected to earn £35,000 by the time they reached 30 if they’d managed to get a degree, but the average salary is just £23,700. The reality is that not only are millennials earning significantly less than they expected, but many have been unable to pursue a career that they had hoped for. For example, 9% of 16 to 21 year olds in 2011/12 wanted to become teachers, yet only 4% made it. It’s even worse with healthcare, with only 1.7% of the generation finding their way into the profession despite 8.2% of them dreaming of pursuing it as a career. There are financial options available to help those who need some extra money even if their credit score is poor such as bad credit loans which are becoming more popular.
A change in thinking
With house prices rising and wages falling, it’s easy to see why millennials feel hard done by in the current financial market. Thanks to the financial crisis era, they’re left with a lot fewer chances for career progression. However, it appears that earning a high wage has become less important as 71% thought that having an interesting job was more important.
If you’re a millennial in need of a cash boost until payday, why not check out bad credit loans on our website? It’s easy to apply with Loan Bird.