Around two-thirds of under-30s have claimed they would prefer to spend money on travelling, rather than saving for their first home, according to research from Hoxton Capital Management.
The data published by Hoxton Capital revealed that over half (52 per cent) of those under the age of 30 feel as though they are unable to save, as a result of not having a sufficient amount of disposable income.
Commenting on the findings, Hoxton Capital Management partner Chris Ball said: “Our research suggests that the majority of young people would rather spend their earnings travelling, than saving for a home.
“It might be the case that young people simply find travel more fulfilling and aspirational than owning a property – and this could be compounded by the fact that for many, home ownership feels completely unobtainable.”
Furthermore, recent research conducted by MMGY Global found that millennials intend to take 41 per cent more vacations in 2019, averaging to approximately two more holidays per year, while also planning to spend 20 per cent more on vacations over the next 12 months, despite Brexit.
“It might not come as a huge surprise that more young people are choosing to ‘live in the moment’, however what should be a cause for concern is that as many as half of under-30s feel as though it’s impossible to save at all.
“The most obvious solution for people who find themselves in this situation is to put something aside – no matter how small – at the start of the month, rather than treating savings as an afterthought,” Ball added.
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