What about housing? Curiously, contrary to popular belief, the amount spent by Gen-Z isn’t that different to Millennials or even Gen-X when they were young
According to Resolution Foundation figures, people in their 20s spend 28% of their income on housing - about the same as in the late 80s!
6/8
According to Resolution Foundation figures, people in their 20s spend 28% of their income on housing - about the same as in the late 80s!
6/8
Comments
Approximately 42 percent of young adults aged between 15 and 34 lived with their parents in the United Kingdom in 2023, or around 6.92 million people.
https://www.statista.com/statistics/285339/percentage-of-young-adults-living-with-parents-uk/
There is some evidence that materialism is rising among under-27s, particularly in Britain….
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I have some comparatively very well off friends who endlessly want more as they are convinced there's some utopia just around the corner. I dont think I would limit that to any one generation either.
IMO learn to be happy with what you have and where live (within reason)
More in my @thetimes.com column 🔗 https://www.thetimes.com/article/7241248c-2a4d-4baf-a572-18ccc97dad25?shareToken=e8a6cc700ba2b05cba0a839c9d73010f
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Eg to understand the spend on housing, if you don't understand how people are living (alone, with roommates, % at home with parents not included) the stat is meaningless
It's a real decline to lose autonomy, floor area, or positionality relative to downtowns over time, even at the same relative spend.
Also incomes rose, so real spend rose higher.
It's good budgeting.
Here are some price comparisons and their respective increases in that time:
House 1997 - £55k, 2025 - £251k (456%)
Monthly rent was £216 now £1271 (588%)
Pint of beer was £1.81 now £4.81 (265%)
Loaf of bread was 52p now £1.40 (269%)
Isn't that much, much higher since the 80s?
Pushing it! (looks even 88 was clearly part of the transition)